U.K. Financial Conduct Authority
|Financial Conduct Authority|
|Founded||April 1, 2013|
|Products||Regulation of standards and conduct at financial firms|
The Financial Conduct Authority is one of three 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.
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
In 1997 the Chancellor of the Exchequer announced reforms to financial services regulation in the UK. As part of those reforms the FSA was created from the Securities and Investments Board.
Products and Services
- Andrew Bailey, Chief Executive
- John Griffith-Jones, Chairman
- U.K. Shakes Up Bank Regulation. WSJ.com.