Financial Conduct Authority (FCA)

The Financial Conduct Authority is the UK conduct regulator for approximately 60,000 financial services firms and financial markets as well as the prudential supervisor for 49,000 firms. It also sets specific standards for 19,000 firms. Its principal function is to ensure that financial markets are honest, fair and effective for consumers by ensuring that markets function smoothly for consumers as well as businesses. It also promotes competition. The FCA was established in 2013 and its work is defined by the Financial Services and Markets Act 2000.