The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Financial Conduct Authority (FCA) forms part of the regulatory structure for financial services firms. The FCA has a wide-ranging brief to:
regulate conduct in retail and wholesale markets
supervise the trading infrastructure behind those markets, and
oversee prudential regulation of firms not prudentially regulated by the Prudential Regulatory Authority (PRA)
Most UK firms are solely regulated by the FCA for both prudential and conduct purposes.
The FCA manages risks associated with consumers as well as taking a forward looking, more interventionist approach so as to limit substantial consumer losses. It looks at wholesale market integrity and resilience. There will be a significant drive for firms to act in the best interests of clients which will encompass everything from product governance to sales. The FCA expects firms to embrace supervisory judgments proactively. The FCA's strategic and operational objectives and underpinning regulatory principles are integral to its supervisory approach. For general information see About the FCA.
The FCA must, where possible, act in a way which is compatible with its strategic objective, and advances one or more of its operational objectives. The operational objectives are intended to provide additional clarity around elements that would contribute to performance of its strategic objective.
The FCA’s strategic objective is to ensure that the relevant markets function well (see the new section 1B(2)
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