The following Financial Services guidance note Produced in partnership with Sarah Clarke of 3 Serjeants’ Inn provides comprehensive and up to date legal information covering:
The FCA is responsible for the regulation of conduct across the financial services sector, in firms and markets of all sizes and in all sectors of the industry. It is also responsible for the prudential regulation of over 24,000 firms. Its responsibility spans wholesale and retail conduct, market integrity, protection of client assets and prevention of financial crime.
The Financial Services Act 2012 (FSA 2012) made several amendments to the Financial Services and Markets Act 2000 (FSMA 2000) to enhance the enforcement powers of the FCA from those of its predecessor the Financial Services Authority (FSA). The FCA has all the enforcement powers that the FSA previously had. In addition, it acquired several new powers:
product intervention power
financial promotions power
warning notice publication
competition scrutiny, and
super-complaints and references.
The FCA is normally obliged to consult the public before making any rules. However, the FCA is permitted, as a general exemption, to bypass this requirement if it considers that the delay involved in complying with the requirement would be prejudicial to the interests of consumers.
The FCA may make rules about product intervention without consultation if it considers that it is necessary or expedient not to comply with such a requirement for the purpose of advancing:
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