Financial Conduct Authority (FCA)

Overview of the Financial Conduct Authority (FCA)

The Financial Conduct Authority (FCA) is the primary regulatory body overseeing financial markets and firms in the United Kingdom. Established on 1 April 2013 under the Financial Services Act 2012, it replaced the Financial Services Authority (FSA) as part of a regulatory overhaul following the 2008 financial crisis. The FCA operates independently from the UK government but remains accountable to the Treasury and Parliament. Its mission is to ensure market integrity, protect consumers, and promote competition in financial services.

Historical Background

The FCA was created to address weaknesses in financial regulation exposed by the global financial crisis. The Financial Services Act 2012 restructured UK financial oversight, splitting responsibilities between the FCA (conduct regulation), the Prudential Regulation Authority (PRA) (prudential supervision), and the Bank of England’s Financial Policy Committee (macroprudential stability). The FCA inherited the FSA’s conduct regulation duties while adopting a more proactive enforcement approach.

Legal Authority and Regulatory Framework

The FCA derives its powers from the Financial Services and Markets Act 2000 (FSMA), as amended by subsequent legislation, including the Financial Services Act 2012 and the Financial Services and Markets Act 2023. It enforces rules covering anti-money laundering (AML), market abuse, consumer credit, and investment conduct. The FCA also supervises compliance with EU-derived regulations such as MiFID II and the Payment Services Directive (PSD2).

Key Responsibilities and Regulatory Scope

The FCA regulates approximately 50,000 financial firms, including banks, insurers, investment firms, and cryptoasset businesses. Its key functions include:

Authorizing and supervising financial services providers
Enforcing conduct rules to prevent market abuse and fraud
Setting standards for financial promotions and consumer disclosures
Overseeing anti-money laundering (AML) and counter-terrorist financing (CTF) compliance
Monitoring financial stability risks and emerging threats like fintech innovations

Contact Information

The FCA’s headquarters and regional offices can be reached through the following:

Head Office: 12 Endeavour Square, London E20 1JN, United Kingdom
Edinburgh Office: 1st Floor, Quayside House, 127 Fountainbridge, Edinburgh EH3 9QG, UK
General Enquiries: +44 (0)20 7066 1000
Consumer Helpline: 0800 111 6768 (freephone) or +44 (0)20 7066 1000 (from abroad)
Email: [email protected] (for public inquiries)

How to Verify FCA Authorization

To confirm whether a firm is regulated by the FCA:

Visit the Financial Services Register on the FCA website (register.fca.org.uk)
Search by firm name, reference number, or individual representative
Check the firm’s permissions and regulatory status
Look for warnings if the firm is unauthorized or involved in scams

Unauthorized firms may appear on the FCA’s warning list, which flags potential scams and unregistered entities.