The UK financial services regulator, with primary responsibility for the conduct of firms authorised under the Financial Services and Markets Act 2000.

Financial Conduct Authority interviews The Financial Conduct Authority (FCA) can conduct voluntary interviews or compelled interviews. The type of interview to be conducted is a decision for the FCA. The FCA’s standard practice, which is set out in the FCA Handbook: Enforcement Guide (ENFG), is to use statutory powers to require the answering of questions in an interview. This is for reasons of fairness, transparency and efficiency. Where the FCA suspects regulatory and/or criminal misconduct, it is not required to designate immediately whether any subsequent proceedings will be criminal or regulatory. The FCA has a discretion to use whatever powers it considers appropriate to perform its statutory function to investigate the alleged misconduct. If there is a possibility that the matter will become a criminal prosecution, or in market abuse investigations, the FCA may interview suspects under caution. The usual practice is for a legal advisor to accompany an interviewee however, the FCA may refuse attendance of a particular legal advisor due to conflicts of interest, or where a duty of disclosure

The UK financial services regulator, with primary responsibility for the conduct of firms authorised under the FSMA 2000. The FCA is also responsible for the prudential regulation of those firms not regulated by the PRA. The FCA and the PRA together inherited the responsibilities of the previous Financial Services Authority (FSA) in April 2013.

This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA Handbook. The Principles are a general statement of the fundamental obligations of firms and the other persons to whom they apply under the regulatory system. The  Prudential Regulation authority (PRA) has equivalent high level standards which are found in the Fundamental Rules contained in its Rulebook. Substantial differences between PRIN and the PRA's Fundamental Rules mean that dual-regulated firms will need to keep those differences in mind when considering how they comply with their conduct and prudential requirements. In particular, the PRA's Fundamental Rules include a requirement for firms to prepare for resolution so, if the need arises, they can be resolved in an orderly manner with a minimum disruption of critical services. For more information on the PRA's Fundamental Rules, see Practice Note: Prudential Regulation Authority and Bank of England—Fundamental Rules. PRIN 1.1.7 G states that breach of the Principles may

Where authorised firms cease to carry out regulated activities, their Part 4A permission will be cancelled. The Financial Conduct Authority (FCA) can also use its own-initiative powers to cancel a permission in certain circumstances. Where requirements have been placed on authorised firms these can also be cancelled, either at the request of the firm or where the FCA uses its own-initiative powers. Cancellation of permission Cancellation at the request of an authorised person The FCA can cancel the Part 4A permission of an authorised person at their request. It is important that firms give early notice to their relevant regulator where they intend to cease carrying out one or more regulated activities permanently. This is in order to comply with Principle 11 of the FCA’s Principles for Businesses (PRIN 11) (SUP 15.3.8G (1)(d)), which requires firms to deal with their regulators in an open and cooperative way, and to disclose anything their regulator would expect to know. Early cooperation will help firms

Why are the FCA's functions relevant? 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 (FPC)) and set out their objectives, functions and powers. 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 PRA . 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 by three operational objectives centred around the principles of consumer protection, the integrity of the UK financial system and competition and international competitiveness and growth. For more information on the FCA’s objectives and powers and its corporate governance, structure and constitution, including changes introduced by the Financial Services

This Practice Note looks at the powers of the Financial Conduct Authority (FCA) to impose and vary requirements. For guidance on the cancellation of requirements, see Practice Note: Financial Conduct authority—cancelling permission and requirements. A 'requirement' is a condition imposed on an authorised person by the regulator where that person has applied for: • Part 4A permission, or • the variation of a Part 4A permission. The requirement will take effect on or after the giving or variation of the permission, as the FCA considers appropriate. The FCA can impose a requirement on a firm regardless of whether the firm has made the application for permission or variation of permission to the FCA itself or to the Prudential Regulation Authority (PRA). Examples of a requirement might include a requirement on a firm preventing it from taking on new customers or requiring it to retain assets so that it can meet future liabilities owed to consumers. For guidance on obtaining authorisation see Obtaining authorisation—overview; for guidance on variation of permission see Practice

This Practice Note explores the strategic and operational objectives and powers of the Financial Conduct Authority (FCA). It discusses the FCA’s objectives and powers generally and considers changes introduced by the Financial Services and Markets Act 2023 (FSMA 2023). The FCA was established on 1 April 2013, taking over responsibility for conduct and relevant prudential regulation from the Financial Services authority (FSA). For more information on the FCA and the other UK financial services and markets regulators, see Overview: UK regulators—financial services—overview and Diagram: UK financial services regulatory structure diagram. Guidance on the FCA’s functions and how the FCA interacts with other regulators and bodies is set out in Practice Note: Financial Conduct Authority—functions. For more information on the FCA’s corporate governance and constitution, see Practice Note: FCA—corporate governance, structure and constitution. Strategic and operational objectives of the FCA The FCA’s strategic and operational objectives-overview The FCA has one overarching strategic objective—to ensure that the relevant markets for financial services function well. This is supported by the following three operational objectives: • secure an appropriate degree

Firms can only carry out regulated activities in the UK in accordance with their permission. Where firms intend to change how they carry out their regulated activities, they are likely to need to apply to vary their permission. This Practice Note is an overview of how firms can apply to the Financial Conduct Authority (FCA) to vary their Part 4A permission. For guidance on where firms cease to carry out their activities altogether, see Practice Note: Financial Conduct authority—cancelling permission and requirements. Permission and requirements Under the old Financial Services Authority (FSA) regime, a Part IV permission could include any requirement the FSA considered appropriate. This is no longer the case. The FCA's powers relating to permission are distinct from its powers relating to requirements (namely to impose or vary a requirement) and the two sets of powers are treated separately under the current regulatory regime (FSMA 2000, ss 55E and 55L). As a result firms will need to apply separately to the FCA: • to vary their Part 4A permission, and/or • to vary a requirement For

The penultimate court without prejudice hearing in respect of an application for financial relief at which the parties with the aid of a judge aim to settle their dispute.

Corporate Crime analysis: Digitalisation of the global financial industry and acceleration of the use of new technologies has led to the proliferation of various new types of financial crime. The scale of the problem and its impact on the global economy is vast, with the amount of money laundered globally currently estimated at approximately 2% to 5% of global GDP. Shaul Brazil, partner, and Aleksandra Kardas, associate, at BCL Solicitors LLP consider the most prevalent types of global financial crime, the current key trends, the proposals to address these issues and what the likelihood is of curtailing global fraud?

Insurance Europe together with the Association for Financial Markets in Europe (AFME), the European Association of Co-operative Banks (EACB), the European Banking Federation (EBF), the European Fund and Asset Management Association (EFAMA), the European Savings and Retail Banking Group (ESBG), have issued a joint statement calling for a more measured approach to the proposed EU Financial Data Access (FiDA) regulation following the European Parliament's adoption of its position and the Council reaching a General Approach. The associations are urging co-legislators to conduct a thorough impact assessment before finalising the regulation.