U.K. Financial Conduct Authority

From MarketsWiki
Revision as of 13:47, 17 July 2015 by SarahRudolph (Talk | contribs)

Jump to: navigation, search
Nyse-n.gif
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.[1]

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.

The FCA is made up of nine divisions that work together to deliver its objectives. They are:

   Supervision – retail and authorisations
   Supervision – investment, wholesale & specialists
   Strategy and competition
   Enforcement and market oversight
   Markets policy and international
   Risk and compliance oversight
   General Counsel
   Internal audit
   Operations


History

Products and Services

Membership

Key People

References

  1. U.K. Shakes Up Bank Regulation. WSJ.com.