The Financial Conduct Authority (FCA) regulate the conduct of 50,000 firms in the UK to ensure that our financial markets are honest, competitive and fair.
Like all finance brokers, we are subject to regulation by the FCA. This is important as it helps to ensure our financial markets are honest, fair and effective so consumers get a fair deal.
Set up on 1 April 2013, the FCA took over conduct and relevant prudential regulation from the Financial Services Authority (FSA).
They ensure that our markets work well for individuals, for businesses and for the economy as a whole. They do this by:
regulating the conduct of around 50,000 businesses
prudentially supervising 48,000 firms
setting specific standards for around 18,000 firms
Firms and individuals must be authorised or registered by the FCA to carry out certain activities. Before they grant authorisation, firms must demonstrate that they meet a range of requirements. The FCA then supervises these firms to make sure they continue to meet key standards and rules after they’re authorised. If firms and individuals fail to meet these standards, the FCA has a range of enforcement powers available to them. They work alongside the Prudential Regulation Authority (PRA), the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms.
Predominantly, the FCA works to:
protect consumers from bad conduct
protect the integrity of the UK financial system
promote effective competition in the interests of consumers
They are an independent public body funded entirely by the fees charged to regulated firms. Their role is defined by the Financial Services and Markets Act 2000 (FSMA) and they are accountable to the Treasury, which is responsible for the UK’s financial system, and to Parliament. They work with consumer groups, trade associations and professional bodies, domestic regulators, international partners and a wide range of other stakeholders.
At Link Capital UK, we take regulation by the FCA very seriously, and we work hard to ensure that we are delivering solutions to our clients through the highest ethical standards of practice.