Financial Conduct Authority (2024)

FAQs

What does Authorised by the Financial Conduct Authority mean? ›

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.

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.

The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.

How long does the FCA authorisation process take? The approval process usually takes anywhere from 6-12 months depending on how much extra information has to be requested and gathered by your firm during the application process.

The FCA has “rule-making, investigative and enforcement powers” that it uses to regulate the financial services industry. The FCA is also responsible for promoting effective competition, ensuring that relevant markets function well, and for the conduct regulation of all financial services firms.

Outcome we want:

We expect firms to provide support that meets their customers' needs. This means that customers do not face unreasonable barriers when they need to access support, and they get the support they need when they contact their provider.

1.30 The TCF initiative is relevant to all firms who are involved in the retail supply chain, whether they have a direct interface with the customer or not and whether or not they are involved in all stages of the product life-cycle. This includes firms providing services as well as those producing or selling products.

TCF Outcome 1 – Customers must feel confident that they are dealing with an institution where TCF is at the core of their culture. TCF Outcome 2 – Products and services in the retail market which are sold and marketed are designed according to the needs of the customers identified and targeted accordingly.

The law allows the FCA to investigate and seek information from authorised firms and their staff (and in some cases, people not within the regulated sector) where there is an alleged breach of their rules.

What do the FCA check? ›

The FCA screening test is a comprehensive screening test which includes full ID verification and Right to Work status, 5 years of employment history which must be validated and gaps analysed, highest qualification verification, a DBS criminal records check, a financial check (including credit report, CCJ's and ...

The FCA is accountable to Treasury Ministers, and through them to Parliament. It is operationally independent of Government and is funded entirely by the firms it regulates.

Firms and individuals must be authorised by the Financial Conduct Authority ( FCA ) to carry out regulated financial service activities and offer credit to consumers.

Firms and individuals must be authorised by the Financial Conduct Authority ( FCA ) to carry out regulated financial service activities and offer credit to consumers.

a person in relation to whom the FCA or the PRA has given its approval under section 59 of the Act (Approval for particular arrangements) for the performance of a controlled function.

The FCA intervenes to impose penalties, including orders to stop trading, prosecute, and secure compensation for consumers. By regulating firms, the FCA protects consumers and allow them to have confidence in the services offered to them.

The function of acting as a proprietary trader whose activity involves, or might involve, a risk of significant harm to the firm or any of its customers is an FCA certification function.