FCA—corporate governance
Produced in partnership with Maclay Murray & Spens LLP
FCA—corporate governance

The following Financial Services guidance note Produced in partnership with Maclay Murray & Spens LLP provides comprehensive and up to date legal information covering:

  • FCA—corporate governance
  • FCA and corporate governance
  • Role of the FCA
  • The board of the FCA
  • Committees of the FCA
  • FCA duty to consult practitioners and consumers
  • Investigating complaints against the FCA

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 activities, principally banking supervision, investment services regulation and as a listing authority with a remit extending to both prudential and business conduct regulation. Subsequently the FCA acquired responsibility for other regulated activities notably mortgage and general insurance business and the authority to take action to prevent market abuse as well as the supervisory responsibility for electronic money and payment services.

Role of the FCA

The FCA is responsible for the conduct and prudential regulation of all firms other than firms which are subject to prudential regulation by the PRA. On April 2014 the FCA also took over consumer credit regulation from the Office of Fair Trading (OFT) which resulted in a substantial increase in the number of firms the FCA regulates.

In addition to conduct and prudential regulation (including matters such as passporting of firms to and from other EEA states and rules and rule making (see the FCA Handbook)) and granting or refusing regulatory permissions and approvals) the FCA is also responsible under FSMA 2000 for market regulation and conduct.

The following organisations operate independently but the FCA has statutory oversight responsibilities for them:

  1. the Financial Ombudsman Service (FOS) (FSMA 2000, Sch 17)