What Is The Financial Conduct Authority (FCA)?
An independent, non-governmental body, the Financial Conduct Authority is responsible for regulating the UK’s financial services industry.
The Financial Conduct Authority (FCA) was established in 2013 following the Financial Services Act (2012) and replaced the Financial Services Authority (FSA). The FCA was introduced with a new regulatory framework and a mandate to maintain both the stability of the UK’s financial markets and the safe conduct of its financial services firms.
The structure of the FCA’s regulatory authority takes in the Bank of England’s Prudential Regulatory Authority (another FSA successor), and the Financial Policy Committee. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the UK economy.