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 (FSA). 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 organizations. Its purpose is that markets work well for large and small businesses. Banks, independent financial advisors, and mutual communities are businesses under The FCA's supervision.
The FCA is the body responsible for regulating the financial service industry in the UK and operates independently of the UK government and is promoted as the FSA. FCA's goals include protecting consumers, increasing competition, and managing the integrity of the market. The main focus is to regulate monetary firms' behavior in the retail and wholesale sectors. As part of this focus, it has the power to investigate abuse, regulate the marketing of products, and manage minimum standards.
FCA is also responsible for promoting effective competition, ensuring the proper functioning of all financial service companies' relevant markets and regulations. This includes preventing market abuse and ensuring that consumers make a fair deal from firms. The Financial Conduct Authority states that its general aim is to "ensure that markets and monetary 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, The Financial Conduct Authority 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. Its operational goals are to defend consumers, defend markets, and promote opposition. Furthermore, It in the UK works with patron groups, exchange institutions and professional organizations, EU legislators, and a wide variety of different stakeholders.
The Financial Conduct Authority aims to ensure that markets operate competitively and fairly in the UK, benefit customers, staff, and shareholders, and maintain trust in the UK as a major global monetary center. It publishes some regulations for this purpose. One of these regulations it publishes includes anti-money laundering regulations.
Based on FCA's AML regulations, FI must perform risk assessments and due diligence procedures. Organizations obliged to comply with the regulations must closely follow and comply with FCA regulations.
The Financial Conduct Authority has some powers:
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