“Financial Conduct Authority (FCA)”
The Financial Conduct Authority (FCA) is a United Kingdom regulatory body that focuses on the regulation of financial services firms (retail and wholesale). It is funded by membership fees it charges and is completely independent of the United Kingdom government.
The FCA has a crucial role in maintaining the integrity of financial markets in the UK and the conduct of firms that supply financial services.
The FCA was preceded by the Financial Services Authority (FSA). The FSA was abolished in 2012 under the Financial Services Act 2012, enacted into law, and succeeded by the FCA. The Financial Service Act 2012 is a regulatory framework consisting of the FCA, the Bank of England Financial Policy Committee and the Prudential Regulation Authority.
Under the FCA’s remit, its powers include:
-The power to investigate organisations or individuals
-The power to ban financial products or services for up to a year while considering a permanent ban
-A supervisory role with banks to ensure customer treatment is fair, to oversee healthy competition and to spot financial risks early in order to mitigate chances of systemic damage.