The Financial Conduct Authority is accountable for the legislation of the financial markets and the infrastructure that facilitates those marketplaces in the UK. This contains both online retail trading, along with institutional trading. The FCA investigations may also have responsibility for the prudential legislation of other areas throughout the financial services industry that never fall below the PRA’s scope
FCA powers The FCA's important powers consist of the power to regulate conduct associated to the marketing of FCA financial products. It is capable to identify minimum standards and to position specifications on products. Moreover, the FCA regulation is capable to keep track of products and other problems to ensure companies play fair and don’t compromise customer passions; it is going to have the power to instruct companies to immediately withdraw or modify promotions which it finds to be misleading, and to publish such options. The FCA varies from the Prudential Regulation Authority in that the PRA is part of the Bank of England and will manage the balance of financial services companies, while the FCA will oversee financial charges.
The FCA has described their purposewith the assessment as follows: Explain and ensure our approach to the guidance of financial promotions (as described in the legislation) Help companies recognize how they are able to use these media and conform with our guidelines Set out particular areas that companies need to take into consideration, and provide some alternatives and illustrative suggestions
In the last months the FCA has helped all controlled companies also by adding further clarity to their objectives going forward. The FCA newly regulated Credit Consumer section has also added to this clarity with a set of developments on their referrals and adding a series of clarifications. Further the FCA compliance has also increased the online portals, easing and reducing the time for any request to be dealt with. But has enough been done? The news are still grabbed by sanctions in the millions imposed to companies for not having respected the regulating structure.
In any regulated environment the detail of the rules appropriate is often frustrating. The FCA is no different. In addition the CMA (Competition and Market Authority) is also attempting to evaluate the evolution of the Financial markets and the modus operandi of its key players, often suggesting actions to be harmonised with the FCA recommendations. All in all things are getting better, though it may not feel like it. FCA Assist have found that the Authority part of the FCA is often promoted and the Conduct part of it may be undervalued by regulated businesses. As regulatory consultants FCA Assist communicate daily with the FCA and CMA and assist regulated companies when dealing with investigations assisting them presenting and compiling all relevant files for distribution and liaising with the regulators on their part.
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