The Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
The FCA’s strategic objective is to ensure that the relevant markets function well and their operational objectives are to:
protect consumers – they secure an appropriate degree of protection for consumers
protect financial markets – they protect and enhance the integrity of the UK financial system
promote competition – they promote effective competition in the interests of consumers
They are an independent public body funded entirely by the firms we regulate, by charging them fees. They are accountable to the Treasury, which is responsible for the UK’s financial system, and to Parliament.