UK financial markets regulatory authority (FCA)

FCA profile

In April 1, 2013, the FSA (Financial Services Authority) was replaced by two parallel regulators, the FCA (Financial Action authority) and the PRA (Prudential Financial Regulatory Authority). The Prudential Regulation Authority (PRA), PRA is the regulator under the Financial Services Act (2012), a subsidiary of the Bank of England. PRA is responsible for prudential supervision, supervision of banks, building societies, credit unions, insurance companies and major investment companies. Currently, PRA probably monitors 1700 financial enterprises.

FCA is an independent body that does not belong to the Bank of England, oversees 56000 Financial Services Company and the UK financial markets, while FCA oversees prudential regulation by Financial Services Company not subject to PRA regulation.

FCA is an independent public institution operating by collecting fees from companies regulated by us. FCA is responsible for the Treasury Department and is responsible for the British financial system and the parliament.

FCA's work and plan by the financial services and markets act in Britain (2000) formulated by FCA and consumer groups, trade associations, professional organizations, domestic regulatory bureau, the EU members and many relevant departments together. Because of the wide range of responsibilities, FCA will take appropriate measures to prioritize regulatory actions in areas and enterprises that are inconsistent with regulatory objectives.

FCA function

Our responsibility is an important regulatory department is closely related with the British public life, from the children's pension, debit loans, credit cards, loans to invest in areas such as financial markets, if the normal operation, has a fundamental influence on every one of our people.

FCA's objective is to maintain market order, maintain the integrity, fairness and efficiency of the financial markets and ensure fair trade among consumers. To make individuals, large and medium-sized enterprises, the economic system into a whole, to maintain orderly and efficient operation of the market. We are the financial regulatory authority of the 56000 companies and the Prudential regulator of 24000 of them.

FCA's strategic objective is to ensure that the market mechanism is effective, and that FCA's objectives are:

1., protect consumers - provide moderate protection for consumers

2., maintain financial markets - protect and enhance the integrity of the UK financial system

3. to promote market competition - to promote market competitiveness related to consumers' interests