The Financial Conduct Authority is an independent regulator which protects the integrity of the UK financial system. Its goal is to promote competition in the industry while also protecting consumers.
FCA’s activities include the supervision of financial institutions and the regulation of firms, and these activities are governed by the Financial Services Act 2012.
As a regulator, FCA is accountable to the Treasury and Parliament. Among other things, it supervises companies, enforces rules and regulations, and investigates misconduct allegations.
FCA uses an intelligence-driven, data-led approach to regulating financial institutions. This includes reviewing banks’ internal assessment of the adequacy of anti-money laundering controls. Find out more about how AML ID VERIFICATION works by going to w2globaldata.com/an-idiots-guide-to-aml-kyc-id-verification/
As well as monitoring and enforcing international standards, FCA promotes fair competition in the UK financial industry. To do this, it identifies risks to the market and ensures that relevant markets operate efficiently.
FCA is responsible for regulating 58,000 companies. The FCA has three critical objectives: promoting competition, protecting consumers, and enforcing rules and regulations.
FCA is a massive organisation with thousands of employees. They conduct investigations and impose penalties on firms that fail to comply with regulations. Aside from criminal prosecution, FCA also has the power to suspend or revoke business licences.
The FCA has many mechanisms for investigating complaints, though these vary depending on the type of firm being investigated. For example, it can compel individuals to attend an interview, produce documentation, and so on. However, it is essential to remember that FCA investigations are complex.
