Financial Conduct Authority—functions
Financial Conduct Authority—functions

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Financial Conduct Authority—functions
  • Why are the FCA's functions relevant?
  • What are the FCA's functions?
  • How does the FCA discharge its functions?
  • FCA coordination with other bodies

Why are the FCA's functions relevant?

BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on the FCA’s supervisory approach, see Practice Note: Preparing for Brexit: Regulations relating to the European Supervisory Authorities and the European Systemic Risk Board and Information Sharing–—quick guide.

The Financial Conduct Authority (FCA) forms part of the regulatory structure that was put in place on 1 April 2013. The Financial Services Act 2012 (FSA 2012) amended the Financial Services and Markets Act 2000 (FSMA 2000) and established the FCA (along with the Prudential Regulation Authority (PRA) and Financial Policy Committee) and set out their objectives, functions and powers.

The FCA's objectives, its powers to achieve these objectives, and the way in which these powers are exercised were the more controversial elements behind the new regulatory regime. More detail on the FCA, its objectives and powers can be found in Practice Notes: Financial Conduct Authority—supervisory approach, Financial Conduct Authority—objectives and principles, Financial Conduct Authority—powers, and Financial Conduct Authority—structure and constitution.

What are the FCA's functions?

The FCA has one overarching strategic objective—to ensure that the relevant markets for financial services function well. This is supported