The Financial Conduct Authority (FCA) is the organisation who is responsible for regulating the financial services provided by industries in the United Kingdom. Its main aims are to promote a healthy level of competition between service providers, to ensure a stable financial industry and also to protect all customers who choose to access financial services.
The FCA has a number of powers which it uses to continue to achieve these aims. These powers include enforcement powers, investigative powers and rule-making powers.
Here are the main activities which the FCA is concerned with:
Over 50,000 firms are regulated by the FCA. FCA agents will intervene if a company treats its customers in an unfair manner or if the company acts in a way that could affect market integrity.
The financial services industry is regulated by the FCA to ensure that consumers do not become scam victims and to ensure that consumers are not caught up in unfair contracts.
By keeping a close eye on the practices of financial services providers, the FCA can make sure that consumers are offered the most appropriate types of products. They can also check that financial advisers give consumers unbiased advice and that firms adequately train their staff.
The FCA is clear in its mission to show that there will be clear, tangible penalties applicable to those companies who refuse to change their behaviour for the good of the consumer.
One of the roles the FCA plays is to help to promote healthy competition between companies in terms of consumer interests.
If you would like to learn more about the FCA, there is a great deal of useful information which can be accessed online.