The FCA most commonly refers to the Financial Conduct Authority , which is a key financial regulatory body in the United Kingdom. The FCA operates independently of the UK government and is funded by fees charged to financial services firms. Its main roles include:
- Regulating the conduct of around 59,000 financial services firms and markets in the UK, including banks, insurance companies, investment firms, and mortgage lenders.
- Protecting consumers by ensuring firms treat customers fairly.
- Maintaining the integrity and stability of UK financial markets.
- Promoting healthy competition among financial service providers.
- Supervising firms to ensure compliance with regulatory standards and taking enforcement action against misconduct.
The FCA was established in 2013, succeeding the Financial Services Authority (FSA), and works alongside other bodies like the Prudential Regulation Authority and the Financial Policy Committee to oversee the financial sector. It has powers to investigate firms, ban financial products temporarily or permanently, and supervise firms to prevent systemic risks. The FCA also supports innovation in financial services through initiatives like FCA Innovate, which helps fintech development. In summary, the FCA is the UK's independent regulator responsible for overseeing financial services firms to protect consumers and ensure fair, transparent, and stable financial markets
. (Note: FCA can also mean "Free Carrier" in shipping terms, an Incoterms rule related to delivery responsibilities in international trade, but this is less common unless specified)
