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 help maintain competitive markets and promote effective competition in the interests of consumers
The Prudential Regulation Authority (PRA) was created by the Financial Services Act (2012) and is part of the Bank of England. It will have close working relationships with other parts of the Bank, including the Financial Policy Committee and the Special Resolution Unit.
The PRA role is defined in terms of two statutory objectives:
The PRA’s approach to regulation and supervision has three characteristics:
FIL Investment Services (UK) Limited (FCA reference number 121939), FIL Pensions Management (FCA reference number 144345), both authorised and regulated by the Financial Conduct Authority and FIL Life Insurance Ltd (PRA/FCA registered number 186526) authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority. Authorisation can be verified via the FCA Register at http://www.fca.org.uk/