The Financial Conduct Authority (FCA) was established on April 1, 2013, under the responsibility of conduct and related precautionary regulation from the Financial Services Authority. FCA is an independent government agency responsible for the treasury. It regulates 58,000 financial firms and markets in the UK and acts as an alert regulator for more than 18,000 of these organizations. Its purpose is that markets work well for large and small businesses. In general, banks, independent financial advisors, mutual communities are businesses under the supervision of FCA.
FCA is the body responsible for the regulation of the financial service industry in the UK. FCA operates independently of the UK government and is promoted as the successor to the Financial Services Authority (FSA). FCA's goals include protecting consumers, increasing competition, and managing the integrity of the market. The main focus of FCA is to regulate the behavior of financial firms in the retail and wholesale sectors. As part of this focus, it has the power to investigate abuse, regulate the marketing of financial products, and manage minimum standards.
FCA is also responsible for promoting effective competition, ensuring the proper functioning of the relevant markets and regulations of all financial service companies. This includes preventing market abuse and ensuring that consumers make a fair deal from financial firms. FCA states that its general aim is to “ensure that markets and financial systems are robust, stable, and flexible, and provide clear pricing information that consumers can easily understand.
The Government has determined this responsibility underneath the 2012 Financial Services Act. To support this key objective, FCA has three operational objectives: to offer an appropriate diploma of safety for consumers. To guard and enhance the integrity of the UK economic system. They promote effective opposition for the advantage of consumers. FCA's operational goals are to defend consumers, defend financial markets, and promote opposition. Furthermore, FCA works with patron groups, exchange institutions and professional organizations, EU legislators, and a wide variety of different stakeholders.
FCA has some powers:
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