Glossary
From A to Z all the terms you need to skip the jargon and get started!
FCA
The FCA, or Financial Conduct Authority, is an independent regulatory body in the United Kingdom responsible for overseeing the conduct of financial services firms and markets.
Established in 2013, the FCA aims to protect consumers, promote healthy competition, and enhance market integrity. Its jurisdiction covers banks, credit unions, investment companies, and other financial entities, ensuring they adhere to specific rules and regulations. 🇬🇧
For example, the FCA might investigate a financial institution suspected of engaging in unethical practices, such as mis-selling products or manipulating interest rates. If the firm is found to have violated regulations, the FCA can impose fines, sanctions, or other penalties.
Fun fact: The FCA replaced the Financial Services Authority (FSA), which was disbanded in 2013 after a major regulatory overhaul in response to the financial crisis of 2007-2008. The FCA now works alongside the Prudential Regulation Authority (PRA), which focuses on the financial stability of financial institutions. 🏦