What does the Financial Conduct Authority actually do?

The Financial Conduct Authority (FCA) is a UK financial regulatory body that was established in 2013. It is responsible for regulating the conduct of financial services firms and ensuring that they comply with the relevant laws and regulations. The FCA is an independent body, funded primarily by fees charged to the firms it regulates. These fees are collected from firms in the form of an annual fee, a periodic fee, and a transaction fee. The FCA also receives funding from the UK government, which is used to cover its operating costs. It was formed as a result of the Financial Services Act 2012, which replaced the Financial Services Authority (FSA). The FCA was created to simplify and streamline regulation of financial services firms, while also increasing consumer protection.

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