U.K. Financial Conduct Authority
|Financial Conduct Authority|
|Founded||April 1, 2013|
The Financial Conduct Authority is one of three new agencies that replaced the U.K. Financial Services Authority, which was decommissioned on April 1, 2013 in a shake-up that gave most of the U.K.'s regulatory power to the Bank of England.
It is the FCA's responsibility to ensure that business across financial services and markets is conducted in a way that advances the interests of all users and participants.
Its duties include:
- Regulation of the prudential standards and conduct of over 20,000 financial firms
- Protection of the financial sector, participants and the general public by making sure firms stick to the rules and consumers don’t fall victim to scams or get tied in to unfair contracts.
- Advocacy on behalf of consumers to make sure financial firms and advisers treat consumers fairly and keep to the FCA's rules and standards.
Products and Services
- U.K. Shakes Up Bank Regulation. WSJ.com.