This Practice Note looks at key aspects of consumer protection within the UK financial services regulatory system. The UK’s regulatory structure, combined with...
The enforcement powers of the FCA The FCA is responsible for the regulation of conduct across the financial services sector, in firms and markets of all sizes and in all...
On 1 April 2013 the Financial Services Authority (FSA) Handbook was split between the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to...
Who can issue individual guidance? The FCA has a power to issue individual guidance. The PRA was not given equivalent statutory powers in Part 9A of FSMA 2000, however,...
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...
FCA and corporate governance Under the Financial Services and Markets Act 2000 (FSMA 2000) the FCA acquired responsibility for a broad and diverse range of regulated...
Why are the FCA's functions relevant? BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal...
The role of the FCA The Financial Conduct Authority (FCA) forms part of the regulatory structure for financial services firms. The FCA has a wide-ranging brief to: •...
The FCA's powers as part of the new regulatory arrangements BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with...
This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level...
What legislation forms the FCA? BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the...
Background to the Financial Policy Committee The Financial Policy Committee (FPC) was formally initiated from 1 April 2013, in accordance with provisions in the Financial...
The Financial Services Act 2012 (FSA 2012) received Royal Assent on 19 December 2012 and went into effect on 1 April 2013. The Act replaced the Financial Services...
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...
The Financial Policy Committee (FPC) became responsible for macroprudential regulation in the UK on 1 April 2013. Macroprudential regulation considers the stability of...
General duties The Payment Systems Regulator (PSR) has a number of statutory duties and powers under the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013). In...
Establishment of the PSR The UK government commissioned in 1998 an independent review of the banking industry and the review report (the Cruickshank report) which was...
The Payment Systems Regulator (PSR) consulted on its approach to supervising payment systems in a consultation paper (PSR CP14/1) in November 2014. Its policy proposals...
PRA Enforcement Priorities The Financial Services and Markets Act 2000 (FSMA 2000) grants the PRA statutory powers to discipline PRA-authorised firms in the event that...
Statutory framework Section 8 of the Financial Services Act 2012 (FSA 2012) added a new section 22A to the Financial Services and Markets Act 2000 (FSMA 2000) which...
Background to the Fundamental Rules Prior to the creation of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in 2013, the predecessor...
Scope of PRA regulation While Prudential Regulation Authority (PRA)-regulated firms are regulated by the Financial Conduct Authority (FCA) for conduct purposes, the PRA...
The PRA's powers The Financial Services Act 2012 (FSA 2012) received Royal Assent on 19 December 2012. Predominantly in force from 1 April 2013, it reformed the...
Background As the prudential regulator for insurers, banks and also certain investment firms that could present significant risks to the stability of the financial...
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...
The PRA's strategy Up until 1 March 2017, the Prudential Regulation Authority (PRA), was a subsidiary company of the Bank of England (BoE). However, from 1 March 2017 the...
The PRA's strategy The PRA and the BoE Until 1 March 2017, the Prudential Regulation Authority (PRA), was a subsidiary company of the Bank of England (BoE) delivering...
Background The power to require a firm to obtain a report from an independent skilled person (at the firm's own expense) under the Financial Services and Markets Act...
This Practice Notice focuses on the two segments of the UK listing regime (standard and premium). It details the general listing requirements (for both a standard listing...
The Bank of England at the heart of the UK financial system BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with...