Financial Conduct Authority

The Financial Conduct Authority (FCA) is the UK's financial regulator responsible for supervising the financial services industry to ensure that it operates fairly, transparently and safely. The main responsibilities of the FCA include:

Regulating financial services companies: The FCA is responsible for supervising financial services companies operating in the UK, including banks, insurance companies, investment companies and other financial institutions, to ensure that they comply with relevant laws and regulations.

Protecting consumers: One of the FCA's goals is to ensure that consumers are adequately protected when using financial services and prevent unfair transactions, fraud and other misconduct.

Promoting market competition: The FCA is also committed to promoting competition in the financial market, ensuring that consumers can benefit from more choices, and promoting innovation.

Maintaining the stability of the financial system: Although the FCA's responsibilities do not include managing macroeconomic risks (which is undertaken by the Bank of England), it will ensure that the actions of various financial institutions do not undermine the stability of the financial system.

Anti-money laundering and counter-terrorism financing: When supervising financial institutions, the FCA pays special attention to compliance in anti-money laundering and preventing terrorist financing.

Through a series of rules and guidelines, the FCA ensures that financial companies provide customers with transparent information, reasonable advice and responsible services. If a company violates the regulations, the FCA has the power to take punitive measures, including fines, revoking licenses or prosecuting company executives.

The FCA is directly responsible to the UK Treasury and Parliament in its independent capacity, but it is not directly controlled by the UK government.