(FCA) is a regulatory body in the United Kingdom that regulates financial services and markets. The FCA is an independent public body that promotes competition in the interests of consumers and aims to protect them from unfair practices.
The Financial Conduct Authority was established in 2013 as a result of the Financial Services Act 2012. The FCA took over from the Financial Services Authority (FSA), which was responsible for regulating the financial services industry in the UK. The FCA is responsible for regulating banks, building societies, mortgage lenders and brokers, stockbrokers, investment managers, insurance companies, consumer credit firms, and claims management companies.
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The FCA has a number of objectives, which are set out in the Financial Services Act 2012. These include:
- Protecting consumers;
- Promoting competition;
- Encouraging innovation; and
- Ensuring that financial markets function well.
The FCA also has a number of specific powers and responsibilities, which are set out in the Financial Services and Markets Act 2000. These include:
- Setting conduct of business rules;
- Issuing financial promotions guidance;
- Banning financial products;
- Taking enforcement action.
What is The Financial Conduct Authority (FCA)?
The Financial Conduct Authority (FCA) is the conduct regulator for 58,000 financial services firms and financial markets in the UK. The FCA’s mission is to make sure that all firms operating in the financial services industry treat their customers fairly, and adhere to high standards of conduct.
The FCA has a wide range of powers and responsibilities, which are set out in the Financial Services and Markets Act 2000. These include setting conduct of business rules, issuing financial promotions guidance, banning financial products, levying fines, and taking enforcement action.
What Does The FCA Do?
The FCA’s primary role is to protect consumers by making sure that firms operating in the financial services industry treat them fairly, and adhere to high standards of conduct. The FCA also promotes competition in the interests of consumers, and aims to ensure that financial markets function well.
In order to achieve its objectives, the FCA has a wide range of powers and responsibilities, which are set out in the Financial Services and Markets Act 2000. These include setting conduct of business rules, issuing financial promotions guidance, banning financial products, levying fines, and taking enforcement action.
What is The Difference Between the FCA and The FSA?
The Financial Conduct Authority (FCA) is the conduct regulator for 58,000 financial services firms and financial markets in the UK. The FCA took over from the Financial Services Authority (FSA) on 1 April 2013. The FSA was responsible for regulating the financial services industry in the UK, but did not have a specific focus on consumer protection. The FCA is responsible for protecting consumers, and promoting competition and innovation in the financial services industry.
The FCA also has a number of specific powers and responsibilities, which are set out in the Financial Services and Markets Act 2000. These include setting conduct of business rules, issuing financial promotions guidance, banning financial products, levying fines, and taking enforcement action.