What is the Financial Conduct Authority (FCA)?

In a nutshell

The Financial Conduct Authority (FCA) is an independent organization in the UK that regulates the conduct of approximately 58,000 financial firms like banks and independent financial advisors.

As part of its task to regulate the financial markets in the UK, it has powers such:

• It can specify minimum standards and requirements on financial products and services.
• It can investigate organisations and individuals that are suspected of breaking regulations. It can freeze the assets of firms or individuals under investigation.
• It can instruct firms to retract or modify promotions found to be misleading.

The FCA is accountable to the Treasury and its official objective is to protect and improve the UK’s economy.

Other notes

• The FCA was established in April 2013.
• The FCA works with the Prudential Regulation Authority and the Financial Policy Committee to set regulatory requirements for the financial sector in the UK.

Sources

• Financial Conduct Authority – Wikipedia