Financial Conduct Authority
The body responsible for regulating the UK financial services industry.
The Financial Conduct Authority (FCA) was established in April 2013, replacing the Financial Services Authority (FSA). It has significant powers, including the power to regulate how financial products are marketed, as well as to specify minimum standards and place requirements on products. It is also able to investigate organisations and individuals.
Is the FCA a government body?
Although the FCA was created by the Financial Services Act 2012 that abolished the FSA, it operates independently of the UK government and is structured as a company limited by guarantee. Among its key responsibilities is the supervision of banks to ensure they treat customers fairly.Practical Application Example
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The FCA carries out a range of actions in support of its stated aims. These may include imposing fines and bans on financial advisers who do not act with due skill, care and diligence. ”
