What is the Financial Conduct Authority?
The Financial Conduct Authority (FCA) is responsible for the regulation of theand the infrastructure that supports those markets in the . This includes both online retail trading, as well as institutional trading.
The FCA will also have responsibility for the prudential regulation of other sectors across the financial services industry that do not fall under the PRA’s scope (deposit takers, insurers and significant investment firms).
The FCA's significant powers include the power to regulate conduct related to the marketing of financial products. It is able to specify minimum standards and to place requirements on products.
In addition, the FCA is able to monitor products and other issues to ensure firms play fair and don’t compromise consumer interests; it will have the power to instruct firms to immediately retract or modify promotions which it finds to be misleading, and to publish such decisions.
As of 1 April 2013, the Financial Conduct Authority, along with the, took the place of the (FSA), which previously regulated the entire financial industry in the UK.
The FCA differs from the Prudential Regulation Authority in that the PRA is part of theand will oversee the stability of financial services firms, while the FCA will oversee financial penalties.
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