The Financial Conduct Authority (FCA UK) is the direct controller of 56,000 money related administrations firms and budgetary markets in the UK and the prudential controller for more than 18,000 of those organizations.
Monetary markets should be straightforward, reasonable and viable with the goal that customers get a reasonable arrangement.
FCA intends to influence markets to function admirably – for people, for business, extensive and little, and for the economy all in all.show more
FCA does this by controlling the direct of more than 56,000 organizations. FCA is additionally the prudential controller for more than 18,000 of these organizations.
The Prudential Regulation Authority (PRA) is the prudential controller of around 1,500 banks, building social orders, credit unions, safety net providers and significant speculation firms. As a prudential controller, it has a general goal to advance the wellbeing and soundness of the organizations it directs.
FCA was set up on the 1st of April 2013, assuming control obligation regarding conduct and pertinent prudential direction from the Financial Services Authority.
FCA is in charge of managing a segment which assumes a basic part in the lives of everybody in the UK and without which the present day economy couldn’t work. From youngsters’ ISAs to benefits, guide charges to Visas, credits to speculations – how well money related markets work fundamentally affects all of us.
UK budgetary administrations utilize more than 2.2 million individuals and contribute £65.6bn in duty to the UK economy. On the off chance that UK markets function admirably, aggressively and decently FCA benefits clients, staff and investors, and keep up trust in the UK as a noteworthy worldwide budgetary center. FCA’s part is to help guarantee this happens.
FCA’s key goal is to guarantee that the pertinent markets work well and FCA’s operational targets are to:
Ensure purchasers – FCA secures a suitable level of assurance for shoppers
Ensure monetary markets – FCA secures and upgrades the respectability of the UK money related framework
Advance rivalry – FCA advances successful rivalry in light of a legitimate concern for buyers
FCA is an autonomous open body financed totally by the organizations which FCA manages, by charging such firms expenses. FCA is responsible to the Treasury, which is in charge of the UK’s budgetary framework, and to Parliament.
FCA’s work and reason for existing is characterized by the Financial Services and Markets Act 2000 (FSMA). FCA works with buyer gatherings, exchange affiliations and expert bodies, residential controllers, EU officials and an extensive variety of different partners. With this broad dispatch, FCA utilizes a proportionate way to deal with direction, organizing the ranges and firms that represent a higher hazard to FCA’s destinations.