What is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) is the main financial regulatory body in the UK. The FCA was formed in 2013, from the ashes of the old version of the organisation, the Financial Services Authority.

Dealing with the FCA can be serious business for your company, which is why you should consider using an experienced FCA solicitor, should the need arise. Read on to find out more about the FCA and how our team of experienced solicitors can help you.

Who are the FCA?

The FCA is a private company limited by guarantee, which is a type of not-for-profit regulatory body that holds a degree of legal power. In the case of the FCA, this power is held over the financial sector.

There are no shareholders in the FCA. Instead there is a group of members who act as guarantors in the unlikely event that the FCA collapses. This minimal risk is worth it to the members as they have input in the FCA’s decision-making process.

The FCA is in charge of a variety of companies, but these can usually be split into three main sections. The first, and most obvious, is the banks. The second is mutual societies, which work similarly to co-operatives. Mutual societies includes organisations such as building societies and insurance brokers. The final type of business is independent financial advisors, whose advice is monitored by the FCA.

What does the FCA do?

The primary purpose of the FCA is to regulate the finance industry and keep the public’s interest at the forefront. The FCA works with over 56,000 businesses in order to make sure that this goal is met.

The FCA is the body that sets minimum standards and requirements for businesses in order to make sure that they are working to an acceptable degree. The FCA has the power to investigate businesses to ensure that they are meeting these standards and can impose sanctions on any business that fails to do so.

Another big part of the FCA’s role is to protect the integrity of the UK’s markets. This is in the best interest of both businesses and consumers. They do this by regulating the conduct of senior management, ensuring that issues are resolved quickly and positively and preventing companies from forming monopolies in their sector.

As well preventing monopolies, the FCA works hard to promote healthy competition among businesses. Competition is very important as it allows consumers to make a fair choice and encourages business to keep innovating.

How DPP can help you

If your business is being investigated by the FCA, then they most likely have reason to suspect you of breaching the industry’s terms and conditions. However, DPP’s team of expert FCA lawyers are available to provide legal advice, support and representation.
We have a wealth of experience in dealing with both the FCA and complex financial fraud cases in general, making us perfectly equipped to help you out, no matter what type of investigation is taking place.

Posted on: Tue, 27 December 2016
Talk to us