What is the Financial Conduct Authority?
The Financial Conduct Authority (FCA) has three operational objectives in support of its strategic goal—to protect consumers, to protect and enhance the integrity of the U.K. financial system, and to promote healthy competition between financial services providers in the interests of consumers. It was established on April 1, 2013, taking over responsibility for conduct and relevant prudential regulation from the Financial Services Authority. The FCA’s statutory objectives were set up under the Financial Services and Markets Act 2000, amended by the Financial Services Act 2012. The latter Act made major changes to the way financial services firms are regulated in the U.K. It was introduced to ensure the financial sector manages and contains risks more effectively after the financial crisis of 2008-09.