The Financial Conduct Authority FCA is a financial regulatory body in the United Kingdom , but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. It focuses on the regulation of conduct by both retail and wholesale financial services firms. The FCA is responsible for the conduct of around 58, businesses which employ 2. On 19 December , the Financial Services Act received royal assent , and it came into force on 1 April The Act created a new regulatory framework for financial services and abolished the Financial Services Authority.
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CONC 1 - FCA Handbook
The FCA expects firms to engage with the analysis and messages and assess the relevance for their own business models and strategies. Both of which are important documents. Before looking at each of these in more detail, it is also worth dwelling on the speech Martin Wheatley gave at the end of to the ICI Global Trading and Market Structure Conference, where he gave his view on what to expect in the year ahead. Unparalleled excitement aside, a period of bedding in to the new regulatory framework is good news for firms. Are we in for a period of consolidation? As for the key areas of focus, the FCA highlights the seven priority areas of considerable importance in creating risks to it objectives in the future.
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What's on Practical Law? Show less Show more. Ask a question. Related Content. Securing an appropriate degree of protection for consumers.
The FCA also came under scrutiny from the market after press coverage of their proposed work on the treatment of long standing customers in life insurance. We will also take a look at why concerns have arisen. The FCA is positive in discussing their progress in the last year and hopes for the coming year. It is happy with the progress it made in its first year and is now citing culture is the buzz word of the year. The aims of the FCA are unchanged, with consumers remaining at the heart of its activities The FCA will continue to adopt a forward-looking, judgement based and proportionate approach to its supervision of 26, businesses.