Financial Conduct Authority—structure and constitution

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

  • Financial Conduct Authority—structure and constitution
  • What legislation forms the FCA?
  • Structure of the FCA
  • Constitution of the FCA
  • Governing body
  • Discharging functions
  • Annual report, annual public meeting and audited accounts
  • Complaints scheme
  • Exemption from liability in damages
  • Penalties and fees

Financial Conduct Authority—structure and constitution

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

What legislation forms the FCA?

Along with the Prudential Regulation Authority (PRA) and a formalised Financial Policy Committee (FPC), the FCA is part of the regulatory structure that came into force on 1 April 2013. The Financial Services Act 2012 (FSA 2012) amended the Financial Services and Markets Act 2000 (FSMA 2000) to establish the bodies that replaced the Financial Services Authority (FSA) as the financial services regulator in the UK. FSA 2012 amendments to FSMA 2000 also provide the organisational framework behind the FCA.

Changing the structure of the regulatory bodies was one of the many factors which contributed to modifying the way in which regulation is delivered—that is, with judgement, focus and accountability (see HM Treasury's paper on regulatory reform). The FCA's objectives, powers, functions and supervisory approach are other important factors in this structural remodelling. See Practice Notes: Financial Conduct Authority—functions, FCA supervisory approach, Financial Conduct Authority—objectives

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