Who is the Financial Conduct Authority accountable to?
About the Financial Conduct Authority:
The FCA is accountable to the Treasury and, through them, to Parliament. The FCA Board, made up of executive and non-executive members, has a number of committees (both links to FCA website) as follows: Audit Committee. Oversight Committee.
| Agency overview | |
|---|---|
| Jurisdiction | United Kingdom |
| Headquarters | 12 Endeavour Square London E20 1JN |
| Annual budget | £632.6m (2019/2020) |
| Agency executives | Nikhil Rathi (Chief Executive) |
In the UK, almost all financial firms must be authorised by us. Being authorised means that firms must meet certain standards and follow our rules. These rules are there to make sure that you're treated fairly, you're protected, and the products and services you're offered are suitable.
Today, Nikhil Rathi, CEO of the Financial Conduct Authority (FCA), has responded to a letter written by Julie Marson, MP for Hertford and Stortford, and 56 cross-party MPs. In their original letter, the MPs urged Mr Rathi to change the rules around banking hubs, allowing for more to open across the country.
The principal firm takes regulatory responsibility for the appointed representative, and must ensure it meets FSA requirements.
- withdraw a firm's authorisation.
- prohibit specific individuals from conducting regulated activities.
- suspend firms and individuals from regulated activities.
- issue fines where there has been a breach of their rules or if they commit market abuse.
To report a scam or an unauthorised firm, contact us via phone or via our contact form. We're open Monday to Friday, 8am to 6pm and Saturday 9am to 1pm. Our team will take details of the scam and give you guidance on your next steps. Calls using next generation text relay, please call us on (18001) 0207 066 1000.
Consumers (and people representing consumers)
If you have a query about a service or product: Call us on 0800 111 6768 (freephone) or 0300 500 8082 from the UK, or +44 207 066 1000 from abroad. Calls using next generation text relay, please call us on (18001) 0207 066 1000.
There are numerous agencies assigned to regulate and oversee financial institutions and financial markets in the United States, including the Federal Reserve Board (FRB), the Federal Deposit Insurance Corp. (FDIC), and the Securities and Exchange Commission (SEC).
Do I need to be regulated by the FCA?
Firms and individuals must be authorised by the Financial Conduct Authority ( FCA ) to carry out regulated financial service activities and offer credit to consumers.
Minimum standard fee
Most firms with the 'A' fee-blocks will pay a minimum fee of £1,500 to the FCA. However, if your firm is dual-regulated by the Prudential Regulation Authority (PRA) and the FCA, the minimum fee will be £875 to the FCA and £600 to the PRA. Some firms pay a reduced minimum fee.
| Application /Activity | Previous Cost | New Cost |
|---|---|---|
| Authorisation – Insurance Distribution (Category 4) | £1500 | £2500 |
| VoP – same permission category / fee block (Category 2) | £250 | £500 |
| Variation – new fee block | Unchanged – 50% of relevant fee block / Category charge |
ARs are able to carry on regulated activities without the need to go through the process of becoming authorised and are not subject to direct supervision by the FCA. Instead, the AR's principal assumes responsibility for monitoring the AR and ensuring its compliance with relevant regulatory requirements.
Broadly, the Conduct Rules apply DIRECTLY to everyone working in the financial services industry, except “ancillary staff” and appointed representatives. They are designed to drive cultural change. There are 5 “Individual Conduct Rules” which apply to all in-scope individuals.
Any business carrying out a regulated activity in the UK must be authorised by the FCA, unless they can rely on an exclusion or are otherwise exempt. Well-prepared applications for FCA authorisation can be completed in as little as 6 months, although incomplete applications can take much longer.
The FCA's general approach
The FCA has powers under sections 401 and 402 of the Act to prosecute a range of criminal offences in England, Wales and Northern Ireland. The FCA may also prosecute criminal offences where to do so would be consistent with meeting any of its statutory objectives.
The FCA has administrative powers to limit or withdraw an individual or firm's ability to operate in the financial services sector. They can also freeze assets, seek restitution, or bring criminal prosecutions.
| Type of misconduct | Example |
|---|---|
| Ponzi schemes | |
| Consumer fraud | Identity theft |
| Credit card fraud | |
| Mortgage fraud |
Can you complain directly to the FCA?
3.1 You can submit your complaint to us using the contact details on our websites (FCA, PRA and the Bank). 3.2 You can make a complaint to any of us and we will ensure the relevant Regulator handles it. Please note each Regulator can only investigate complaints about themselves, not each other.
Definition of Financial Misconduct and Dishonesty
misstatements and other irregularities in company records, including the intentional misstatement of the results of operations. financial wrongdoing. forgery or other alteration of documents. fraud and other unlawful acts. any similar acts.
Scammers may attempt to trick your firm into revealing important information by pretending to work for the FCA. They might reach out to you via email, phone or post with convincing communications that appear genuine.
The FCA's Warning List is a list of firms and individuals that the FCA knows are operating without its authorisation. It also notes the risks associated with a particular investment opportunity. You should also check the firm's details with directory enquiries or Companies House to make sure they're the same.
False Claims Act [31 U.S.C.
The civil FCA protects the Government from being overcharged or sold shoddy goods or services. It is illegal to submit claims for payment to Medicare or Medicaid that you know or should know are false or fraudulent.
