From bank accounts to mortgages, credit cards, loans, savings and pensions
, virtually every adult in the UK is a consumer of financial services. … So one of our objectives is to ensure an appropriate degree of protection for all consumers. We work to protect consumers in a wide range of ways.
Who does the FCA apply to?
The Financial Conduct Authority (FCA)
regulates the financial services industry in the UK
. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers. FCA works with HM Treasury.
Who does the FCA protect?
The FCA aims to protect
consumers
by making sure that FCA authorised companies: Treat their customers fairly. Provide them with appropriate products and services. Value their customer's safety above their own profit or income.
How do FCA protect customers?
FCA's consumer protection objective in practice. In order to deliver consumer protection, the
FCA supervises how firms work and can stop those that are not meeting the FCA's standards from carrying out the activities that it regulates
. For example, it has power to intervene in the development of firms' products.
What power does the FCA have?
The enforcement powers of the Financial Conduct Authority (FCA) include the right to impose a penalty on a firm or person and make a public statement. It also has the power to investigate and take disciplinary action. In addition, the FCA has
the power to start criminal proceedings
.
Can you speak to the FCA?
Consumers (and people representing consumers)
Call us on
0800 111 6768 (freephone)
or 0300 500 8082 from the UK, or +44 207 066 1000 from abroad. Calls using next generation text relay, please call us on (18001) 0207 066 1000. We are open Monday to Friday, 8am-6pm, and Saturday 9am-1pm.
Is the FCA part of the government?
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but
operates independently of the UK Government
, and is financed by charging fees to members of the financial services industry. … It focuses on the regulation of conduct by both retail and wholesale financial services firms.
Who needs FCA approval?
According to provisions made under the Financial Services and Markets Act (FSMA) 2000, financial activities have to be regulated by the FCA.
Any firm (whether a business, a not-for-profit or a sole trader) carrying out a regulated activity
must be authorised or registered by us, unless they are exempt.
How do you become FCA approved?
- Step 1 – establish permission. If the business of the firm involves a regulated activity, then the likelihood is the firm will need to be authorised. …
- Step 2 – strategy and audit. …
- Step 3 – Gather documentation. …
- Step 4 – Work through application. …
- Step 5 – declare and submit.
How long does it take to become FCA regulated?
It takes
approximately 6-12 months
to become FCA authorised. The timeframe depends on how quickly the main FCA application forms and supporting documents (including business plan and financial projections) are collated and how long it takes for an FCA case officer to be assigned.
What can the FCA help with?
It can deal with
complaints about a wide range of financial matters
– from pet insurance to stocks and shares. It will ask the financial firm to explain what it thinks happened and then decide whether to uphold your complaint.
Why the FCA is important?
The FCA has
“rule-making, investigative and enforcement powers
” that it uses to regulate the financial services industry. The FCA is also responsible for promoting effective competition, ensuring that relevant markets function well, and for the conduct regulation of all financial services firms.
What is the main concern of the FCA?
Our operational objectives are to:
protect consumers
– we secure an appropriate degree of protection for consumers. protect financial markets – we protect and enhance the integrity of the UK financial system. promote competition – we promote effective competition in the interests of consumers.
What happens if you break FCA rules?
issuing fines against firms and individuals who
breach our rules or commit market abuse. issuing fines against firms breaching competition laws. making a public announcement when we begin disciplinary action and publishing details of warning, decision and final notices.
Can the FCA prosecute?
The FCA's general approach
The FCA has powers under sections 401 and 402 of the Act to
prosecute a range of criminal offences in England, Wales and Northern Ireland
. The FCA may also prosecute criminal offences where to do so would be consistent with meeting any of its statutory objectives.
What are the 4 main objectives of the FCA?
- Protecting consumers. …
- Market integrity. …
- Promoting effective competition.
