FCA stands for Financial Conduct Authority. It is a financial regulatory body in the UK that regulates the conduct of financial services firms providing services to consumers.
The Financial Conduct Authority (FCA) is the independent regulator of financial services in the United Kingdom. It was established in 2013 as part of the Financial Services Act 2012, and is responsible for regulating the conduct of financial services firms and the products and services they offer.
The FCA is responsible for ensuring that financial services firms comply with the law and treat their customers fairly. It has the power to investigate firms, take enforcement action, and impose fines and other sanctions. It also has the power to ban certain products and services, and to require firms to provide customers with information about their products and services.
The FCA has a number of objectives, including:
• Protecting consumers: The FCA is responsible for ensuring that financial services firms treat their customers fairly and provide them with clear information about the products and services they offer.
• Promoting competition: The FCA is responsible for ensuring that financial services firms compete fairly and that customers have access to a range of products and services.
• Ensuring that markets are fair, transparent and efficient: The FCA is responsible for ensuring that financial services firms comply with the law and that markets are fair, transparent and efficient.
• Reducing financial crime: The FCA is responsible for ensuring that financial services firms comply with anti-money laundering and counter-terrorist financing regulations.
The FCA is also responsible for regulating the activities of financial advisers, insurance brokers, and other financial services firms. It has the power to investigate firms, take enforcement action, and impose fines and other sanctions.
The FCA is funded by fees paid by the firms it regulates. It is accountable to the Treasury and the Financial Services Authority, and is overseen by the Prudential Regulation Authority.