From April 2013 the FCA will be one of the UK's main financial regulators. It will replace the Financial Services Authority (FSA), which currently regulates more than 26,000 financial companies and the people who work in them – from high street banks, through to the small local financial adviser.
What did the FCA replace?
The authority has been responsible for regulating the consumer credit industry since 1 April 2014, taking over the role from the Office of Fair Trading.
When did the FCA take over consumer credit?
Since taking over regulation of consumer credit in 2014, we have worked with industry and other stakeholders to raise standards and improve outcomes for consumers in these markets.
Who is responsible for the regulation of consumer credit?
The specific rules for firms carrying our consumer credit activities are set out in the FCA's Consumer Credit Sourcebook (referred to as 'CONC').
Who do FCA regulate?
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. FCA works with HM Treasury.