Q&As

What is the role of the FCA compliance officer?

read titleRead full title
Published on LexisPSL on 13/06/2014

The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:

  • What is the role of the FCA compliance officer?
  • The Exempt Professional Firm (EPF) regime
  • Duties of the FCA compliance officer

What is the role of the FCA compliance officer?

The Financial Conduct Authority (FCA) is the single statutory regulator of the financial services industry in the UK, it is operationally independent and is funded entirely by the firms it regulates. For more information on the FCA's role see our Practice Note: Other regulatory bodies together with our Practice Note: Relationship between regulators, which explains the relationship between the seven main regulatory bodies operating in the mainstream legal sector.

The Exempt Professional Firm (EPF) regime

As a general rule, any business that conducts a regulated financial activity needs to be authorised by the FCA because of the Financial Services and Markets Act 2000 (FSMA 2000).

Most solicitors dabble in financial services for purposes of FSMA 2000, eg arranging defective title insurance or after-the-event insurance. So long as this is incidental to your professional services, you are exempt from the requirement to be authorised

Popular documents