The FCA and financial crime

The following Corporate Crime practice note provides comprehensive and up to date legal information covering:

  • The FCA and financial crime
  • What is the FCA's objective in so far as tackling financial crime is concerned?
  • What constitutes financial crime?
  • What are the FCA's statutory powers?
  • Other statutes and statutory instruments
  • Anti-bribery and corruption
  • Anti-money laundering and counter terrorism financing
  • Financial sanctions compliance
  • Fraud
  • What are the tools that the FCA uses in tackling financial crime?
  • More...

The FCA and financial crime

The Financial Services Act 2012 (FSA 2012) significantly altered the regulatory landscape for financial services in the UK by, inter alia, introducing the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), which took over from the Financial Services Authority (FSA). These regulators have complementary but different roles. This Practice Note provides an introduction to the role of FCA in regards to financial crime. Further information generally can be found in the following subtopics:

  1. FCA investigations and enforcement—overview

  2. FCA investigations and enforcement—overview

  3. UK regulators—financial services—overview, and

  4. FCA and PRA investigations, enforcement and discipline—overview

What is the FCA's objective in so far as tackling financial crime is concerned?

In contrast to its predecessor, the FSA, which had a number of regulatory objectives (regulating financial crime was one), FCA has a single strategic objective of ensuring that markets function well. Within that overall objective it has a number of operational objectives—securing an appropriate degree of protection for consumers, protecting and enhancing the integrity of the UK financial system and promote effective competition in the interest of consumers—which support the strategic objective.

FCA's operational objective of integrity is defined as 'protecting and enhancing the integrity of the UK financial system'. The integrity of the financial system includes several elements including not letting the UK financial system be used for the purposes of financial crime and

Popular documents