Financial Conduct Authority

Financial Conduct Authority.

The UK’s financial services regulator, the Financial Services Authority (FSA) has been replaced by two new regulators.

The Financial Conduct Authority (FCA) is now in charge of monitoring and regulating the financial services industry. You will now see firms displaying “Authorised and Regulated by the Financial Conduct Authority.

Prudential Regulation Authority (PRA) is a new regulator, part of the Bank of England that we be in charge of ensuring that financial companies have enough capital set aside, are not taking undue risks and are financially able to withstand difficult times.

Our view

We hope the new regulators are more proactive with those firms that risk the most consumer detriment.