100-word briefing: role of the FCA
Created in 2013 alongside the Prudential Regulation Authority, the Financial Conduct Authority is responsible for the conduct regulation, and in many cases also the prudential regulation, of around 60,000 financial firms that include advisers and asset managers.
It aims to ensure that markets work properly and competitively, thus helping to protect both the UK financial system and consumers of financial services and products. It applies proportionate attention to issues and firms to reflect the risks they pose, working with consumer, trade and professional bodies as well as other regulators. The FCA’s new chief executive Nikhil Rathi will be paid £455,000pa.
The value of investments and income from them may go down. You may not get back the original amount invested.