The Financial Conduct Authority and Prudential Regulation
About the Financial Conduct Authority
The Financial Conduct Authority (FCA) exists to make sure markets work well so that consumers get a fair deal. This responsibility has been set out for the FCA by the Government, according to the Financial Services Act 2012.
The FCA is funded entirely by the financial services firms it regulates. The FCA is accountable to the Treasury, which is responsible for the UK’s financial system, and Parliament. However the FCA is an independent body and does not receive any Government funding.
The FCA has three statutory objectives:
- To protect consumers
- To enhance the integrity of the UK financial system
- To help maintain competitive markets and promote effective competition in the interests of consumers