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<li id="toc-Payment_Systems_Regulator" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Payment_Systems_Regulator"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Payment Systems Regulator</span> </div> </a> <ul id="toc-Payment_Systems_Regulator-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Anti-money_laundering_supervision" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Anti-money_laundering_supervision"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Anti-money laundering supervision</span> </div> </a> <ul id="toc-Anti-money_laundering_supervision-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Powers" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Powers"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Powers</span> </div> </a> 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vector-toc-level-2"> <a class="vector-toc-link" href="#Mutual_societies"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Mutual societies</span> </div> </a> <ul id="toc-Mutual_societies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Financial_advisers" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Financial_advisers"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Financial advisers</span> </div> </a> <ul id="toc-Financial_advisers-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Leadership" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Leadership"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Leadership</span> </div> </a> <button aria-controls="toc-Leadership-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span 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class="vector-toc-numb">4.3</span> <span>Chair</span> </div> </a> <ul id="toc-Chair-sublist" class="vector-toc-list"> <li id="toc-List_of_chairs" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#List_of_chairs"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.1</span> <span>List of chairs</span> </div> </a> <ul id="toc-List_of_chairs-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Criticism</span> </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div 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class="mw-page-title-main">Financial Conduct Authority</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. 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Regulator</a>)</span></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">British financial regulator</div> <p class="mw-empty-elt"> </p> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox"><caption class="infobox-title" style="font-size: 125%;">Financial Conduct Authority</caption><tbody><tr><td colspan="2" class="infobox-image"><span typeof="mw:File"><a href="/wiki/File:Financial_Conduct_Authority.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/e/e1/Financial_Conduct_Authority.png" decoding="async" width="225" height="82" class="mw-file-element" data-file-width="225" data-file-height="82" /></a></span></td></tr><tr><th colspan="2" class="infobox-header" style="background-color: #efefef">Agency overview</th></tr><tr><th scope="row" class="infobox-label">Formed</th><td class="infobox-data">1 April 2013</td></tr><tr><th scope="row" class="infobox-label">Preceding agency</th><td class="infobox-data"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style><div class="plainlist"><ul><li style="text-indent: -1em; padding-left: 1em;"><a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a></li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Jurisdiction</th><td class="infobox-data"><a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a></td></tr><tr><th scope="row" class="infobox-label">Headquarters</th><td class="infobox-data"><a href="/wiki/12_Endeavour_Square" title="12 Endeavour Square">12 Endeavour Square</a><br /><a href="/wiki/London" title="London">London</a> E20 1JN</td></tr><tr><th scope="row" class="infobox-label">Annual budget</th><td class="infobox-data">£632.6m (2019/2020)<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></td></tr><tr><th scope="row" class="infobox-label">Agency executives</th><td class="infobox-data"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><div class="plainlist"><ul><li style="text-indent: -1em; padding-left: 1em;"><a href="/wiki/Nikhil_Rathi" title="Nikhil Rathi">Nikhil Rathi</a><br />(Chief Executive)</li></ul></div></td></tr><tr><th scope="row" class="infobox-label">Website</th><td class="infobox-data"><span class="url"><a rel="nofollow" class="external text" href="https://www.fca.org.uk/">www<wbr />.fca<wbr />.org<wbr />.uk</a></span></td></tr></tbody></table> <p>The <b>Financial Conduct Authority</b> (<b>FCA</b>) is a <a href="/wiki/Financial_regulation" title="Financial regulation">financial regulatory</a> body in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry.<sup id="cite_ref-hm-treasury_2-0" class="reference"><a href="#cite_note-hm-treasury-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.<sup id="cite_ref-vina_3-0" class="reference"><a href="#cite_note-vina-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>It focuses on the regulation of conduct by both retail and wholesale financial services firms.<sup id="cite_ref-treasury1_4-0" class="reference"><a href="#cite_note-treasury1-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> Like its predecessor the <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">FSA</a>, the FCA is structured as a <a href="/wiki/Company_limited_by_guarantee" title="Company limited by guarantee">company limited by guarantee</a>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 140">: 140 </span></sup> </p><p>The FCA works alongside the <a href="/wiki/Prudential_Regulation_Authority_(United_Kingdom)" title="Prudential Regulation Authority (United Kingdom)">Prudential Regulation Authority</a> and the <a href="/wiki/Financial_Policy_Committee" title="Financial Policy Committee">Financial Policy Committee</a> to set regulatory requirements for the financial sector. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom.<sup id="cite_ref-vina_3-1" class="reference"><a href="#cite_note-vina-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>On 19 December 2012, the <a href="/wiki/Financial_Services_Act_2012" title="Financial Services Act 2012">Financial Services Act 2012</a> received <a href="/wiki/Royal_assent" title="Royal assent">royal assent</a>, and it came into force on 1 April 2013. The Act created a new regulatory framework for financial services and abolished the <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a>.<sup id="cite_ref-treasury_6-0" class="reference"><a href="#cite_note-treasury-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Specifically, the Act gave the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> responsibility for financial stability, bringing together macro and micro prudential regulation, and created a new regulatory structure consisting of the Bank of England's Financial Policy Committee, the <a href="/wiki/Prudential_Regulation_Authority_(United_Kingdom)" title="Prudential Regulation Authority (United Kingdom)">Prudential Regulation Authority</a> and the Financial Conduct Authority.<sup id="cite_ref-treasury_6-1" class="reference"><a href="#cite_note-treasury-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>With effect from 14 September 2019, the FCA introduced <a href="/wiki/Strong_customer_authentication" title="Strong customer authentication">strong customer authentication</a> rules as required by the <a href="/wiki/Payment_Services_Directive#Revised_Directive_on_Payment_Services_(PSD2)" title="Payment Services Directive">Revised Directive on Payment Services</a> (PSD2),<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> aiming to reduce fraud and improve security by requiring payment services providers to use two of the following three types of authentication when customers make <a href="/wiki/Online_payment" class="mw-redirect" title="Online payment">online payments</a> over €30 in the EEA: </p> <ul><li>PIN code or a password</li> <li><a href="/wiki/Biometrics" title="Biometrics">Biometrics</a> such as a fingerprint</li> <li>Physical device such as a phone.</li></ul> <p>The FCA published new <a href="/wiki/Listing_Rules" title="Listing Rules">Listing Rules</a> in 2024, aiming to simplify the UK listings regime, marking the most significant changes in over three decades. These rules, effective from 29 July 2024, created a single listing category and streamlined eligibility criteria to encourage a wider range of companies to issue shares in the UK.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Payment_Systems_Regulator">Payment Systems Regulator</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=2" title="Edit section: Payment Systems Regulator"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In April 2015, the FCA created a separate entity, the Payment Systems Regulator (PSR), in accordance with section 40 of the Financial Services (Banking Reform) Act 2013.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> The PSR's role is "to promote competition and innovation in payment systems, and ensure they work in the interests of the organisations and people that use them".<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>From May 2019 some victims of <a href="/wiki/Authorized_push_payment_fraud" class="mw-redirect" title="Authorized push payment fraud">authorized push payment fraud</a> are eligible to receive a refund under the Contingent Reimbursement Model Scheme,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> a voluntary scheme overseen by the Payment Systems Regulator that provides protections for customers of signatory firms,<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> subject to a number of exclusions. </p> <div class="mw-heading mw-heading3"><h3 id="Anti-money_laundering_supervision">Anti-money laundering supervision</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=3" title="Edit section: Anti-money laundering supervision"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Office for Professional Body Anti-Money Laundering Supervision (<abbr>OPBAS</abbr>) is based within the <abbr>FCA.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> It was established in January 2018 to oversee the 22 accountancy and legal professional bodies which supervise anti-<a href="/wiki/Money_laundering" title="Money laundering">money laundering</a> compliance in view of the <a href="/w/index.php?title=Money_Laundering_Act_2017&action=edit&redlink=1" class="new" title="Money Laundering Act 2017 (page does not exist)">Money Laundering Act 2017</a>.</abbr><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Powers">Powers</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=4" title="Edit section: Powers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The authority has significant powers, including the power to regulate conduct related to the marketing of financial products. It is able to specify minimum standards and to place requirements on products.<sup id="cite_ref-FT-What&Who_18-0" class="reference"><a href="#cite_note-FT-What&Who-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> It has the power to investigate organisations and individuals.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> In addition, the FCA is able to ban financial products for up to a year while considering an indefinite ban. It has the power to instruct firms to immediately retract or modify promotions which it finds to be misleading and to publish such decisions.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Furthermore, the FCA is able to freeze assets of individuals or organisations under investigation, regardless of whether they are innocent or guilty.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 143">: 143 </span></sup> The authority has been responsible for regulating the consumer credit industry since 1 April 2014, taking over the role from the <a href="/wiki/Office_of_Fair_Trading" title="Office of Fair Trading">Office of Fair Trading</a>.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>In July 2023, the FCA announced reforms aiming to curb the use of social media by 'finfluencers' to encourage the purchasing of harmful financial products by UK consumers. Among the reforms was a ban on crypto incentives, such as 'refer a friend' bonuses, a compulsion for finfluencers to have clear risk warnings and for products to have a 24-hour cooling period to give first-time investors the time to adequately consider their investment decision. The move came following a significant rise in social media promotion of financial products by finfluencers in 2022, with 14 times more having been posted than the previous year. <sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Sectors_and_firms">Sectors and firms</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=5" title="Edit section: Sectors and firms"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Banks">Banks</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=6" title="Edit section: Banks"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Financial Services Act of 2012 set out a new system for regulating financial services in order to protect and improve the UK's economy.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>The FCA will supervise banks to ensure they treat customers fairly, encourage innovation and healthy competition, and help the FCA to identify potential risks early so they can take action to reduce the risks. </p> <div class="mw-heading mw-heading3"><h3 id="Mutual_societies">Mutual societies</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=7" title="Edit section: Mutual societies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are more than 10,000 <a href="/wiki/Mutual_Society" class="mw-redirect" title="Mutual Society">mutual societies</a> in the United Kingdom.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 64">: 64 </span></sup> The FCA are responsible for registering new mutual societies, keeping public records, and receiving annual returns.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Financial_advisers">Financial advisers</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=8" title="Edit section: Financial advisers"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Beginning December 31, 2012, <a href="/wiki/Independent_financial_advisers" class="mw-redirect" title="Independent financial advisers">independent financial advisers</a> (IFAs) are legally obliged to follow <a href="/wiki/Retail_Distribution_Review" class="mw-redirect" title="Retail Distribution Review">Retail Distribution Review</a> (RDR) rules.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> In order to be classed as an IFA, a business must offer a broad range of retail investment products and give consumers unbiased and unrestricted advice based on comprehensive and fair <a href="/wiki/Market_analysis" title="Market analysis">market analysis</a>.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 109">: 109 </span></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Leadership">Leadership</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=9" title="Edit section: Leadership"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Chief_executive">Chief executive</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=10" title="Edit section: Chief executive"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In February 2011, it was confirmed that the new head of the FCA would be <a href="/wiki/Martin_Wheatley" title="Martin Wheatley">Martin Wheatley</a>, formerly chairman of Hong Kong's <a href="/wiki/Securities_and_Futures_Commission" title="Securities and Futures Commission">Securities and Futures Commission</a>.<sup id="cite_ref-FT-What&Who_18-1" class="reference"><a href="#cite_note-FT-What&Who-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FSA-Bckgrnd_31-0" class="reference"><a href="#cite_note-FSA-Bckgrnd-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FT-Weatly_to_head_32-0" class="reference"><a href="#cite_note-FT-Weatly_to_head-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-HMTres-Chair_33-0" class="reference"><a href="#cite_note-HMTres-Chair-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> However, Wheatley's appointment was not put in front of the <a href="/wiki/Treasury_Select_Committee" title="Treasury Select Committee">Treasury Select Committee</a> for a pre-appointment hearing. Instead, the Government stated it would put Wheatley and future chief executives forward for a pre-commencement hearing, i.e. after they had been formally appointed but before they began the role.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p><p>In July 2015, Wheatley resigned his post at the FCA following a vote of no confidence by <a href="/wiki/George_Osborne" title="George Osborne">George Osborne</a>.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> In September 2015, <a href="/wiki/Tracey_McDermott" title="Tracey McDermott">Tracey McDermott</a> took over from Wheatley as acting chief executive.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Andrew_Bailey_(banker)" title="Andrew Bailey (banker)">Andrew Bailey</a> was appointed chief executive on 26 January 2016.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> After Bailey moved to become the <a href="/wiki/Governor_of_the_Bank_of_England" title="Governor of the Bank of England">Governor of the Bank of England</a>, it was announced that Christopher Woolard would become the Interim Chief Executive. In June 2020, it was announced that Woolard would be succeeded on a permanent basis by <a href="/wiki/Nikhil_Rathi" title="Nikhil Rathi">Nikhil Rathi</a>.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="List_of_chief_executives">List of chief executives</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=11" title="Edit section: List of chief executives"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable"> <caption> </caption> <tbody><tr> <th># </th> <th>Name </th> <th>Tenure </th> <th>Tenure start </th> <th>Tenure end </th> <th>Tenure length </th></tr> <tr> <td>1 </td> <td><a href="/wiki/Martin_Wheatley" title="Martin Wheatley">Martin Wheatley</a> </td> <td>2013–2015 </td> <td>1 April 2013 </td> <td>11 September 2015 </td> <td>2 years and 164 days </td></tr> <tr> <td>– </td> <td><a href="/wiki/Tracey_McDermott" title="Tracey McDermott">Tracey McDermott</a> (<i>interim</i>) </td> <td>2015–2016 </td> <td>12 September 2015 </td> <td>30 June 2016 </td> <td>293 days </td></tr> <tr> <td>2 </td> <td><a href="/wiki/Andrew_Bailey_(banker)" title="Andrew Bailey (banker)">Andrew Bailey</a> </td> <td>2016–2020 </td> <td>1 July 2016 </td> <td>15 March 2020 </td> <td>3 years and 259 days </td></tr> <tr> <td>– </td> <td>Christopher Woolard (<i>interim</i>) </td> <td>2020 </td> <td>16 March 2020 </td> <td>30 September 2020 </td> <td>199 days </td></tr> <tr> <td>3 </td> <td><a href="/wiki/Nikhil_Rathi" title="Nikhil Rathi">Nikhil Rathi</a> </td> <td>2020– </td> <td>1 October 2020 </td> <td><i>Incumbent</i> </td> <td>4 years and 53 days </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Chair">Chair</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=12" title="Edit section: Chair"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In June 2012, it was confirmed that <a href="/wiki/John_Griffith-Jones" title="John Griffith-Jones">John Griffith-Jones</a> would become the non executive chair of the FCA once the FSA ceases operations in 2013.<sup id="cite_ref-HMTres-Chair_33-1" class="reference"><a href="#cite_note-HMTres-Chair-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Tel-Jones_39-0" class="reference"><a href="#cite_note-Tel-Jones-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FT-Jones_40-0" class="reference"><a href="#cite_note-FT-Jones-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> Griffith-Jones joined the FSA board in September 2012, as a non executive director and deputy chair.<sup id="cite_ref-Tel-Jones_39-1" class="reference"><a href="#cite_note-Tel-Jones-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FT-Jones_40-1" class="reference"><a href="#cite_note-FT-Jones-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Charles_Randell" title="Charles Randell">Charles Randell</a> became chair of the FCA and PSR in April 2018. In October 2021, he resigned from this position and is scheduled to leave the post in Spring 2022.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><p>On February 7, 2022, Richard Lloyd was named to begin serving as interim FCA chair from June 2022.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="List_of_chairs">List of chairs</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=13" title="Edit section: List of chairs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable"> <caption> </caption> <tbody><tr> <th># </th> <th>Name </th> <th>Tenure </th></tr> <tr> <td>1 </td> <td><a href="/wiki/John_Griffith-Jones" title="John Griffith-Jones">John Griffith-Jones</a> </td> <td>2013–2018 </td></tr> <tr> <td>2 </td> <td><a href="/wiki/Charles_Randell" title="Charles Randell">Charles Randell</a> </td> <td>2018–2022 </td></tr> <tr> <td>– </td> <td>Richard Lloyd (<i>interim</i>) </td> <td>2022–2023 </td></tr> <tr> <td>3 </td> <td>Ashley Alder </td> <td>2023– </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=14" title="Edit section: Criticism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In June 2013, the Financial Conduct Authority was criticised by the <a href="/wiki/Banking_Standards_Board" title="Banking Standards Board">Parliamentary Commission on Banking Standards</a> in their report "Changing Banking for Good", which stated: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>The interest rate swap scandal has cost small businesses dear. Many had no concept of the instrument they were being pressured to buy. This applies to embedded swaps as much as standalone products. The response by the FSA and FCA has been inadequate. If, as they claim, the regulators do not have the power to deal with these abuses, then it is for the Government and Parliament to ensure that the regulators have the powers they need to enable restitution to be made for this egregious mis-selling.—"Changing Banking for Good: Report of the Parliamentary Commission on Banking Standards", <a href="/wiki/House_of_Lords" title="House of Lords">House of Lords</a>, <a href="/wiki/House_of_Commons" title="House of Commons">House of Commons</a><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>The FCA was rebuked by the Treasury Select Committee for lack of concern over the increase in mortgage interest rates of the <a href="/wiki/Bank_of_Ireland" title="Bank of Ireland">Bank of Ireland</a>'s subsidiary of the United Kingdom.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> </p><p>There had been calls for the resignation of chairman John Griffith-Jones because of his responsibility for auditing HBOS as chairman of KPMG at the time of the <a href="/wiki/Financial_crisis_of_2007%E2%80%9308" class="mw-redirect" title="Financial crisis of 2007–08">financial crisis of 2007–08</a>.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> There has also been criticism of Chief Executive <a href="/wiki/Martin_Wheatley" title="Martin Wheatley">Martin Wheatley</a> because of his responsibility for the minibond fiasco in Hong Kong. </p><p>On 10 December 2014, the FCA released a report from Simon Davis from <a href="/wiki/Clifford_Chance" title="Clifford Chance">Clifford Chance LLP</a> inquiring into the events of 27/28 March 2014 relating to the press briefing of information in the FCA's 2014/15 Business Plan.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 10–12">: 10–12 </span></sup> </p><p>The report recommended: </p> <ul><li>That there be substantial improvement in the procedures relating to the identification, control and release of price-sensitive information,</li> <li>That the final version of the FCA's Business Plan should only be made available publicly to all market participants at the same time,</li> <li>That the relevant review team address the issue of price-sensitive information in any assessment of a potential thematic review, and</li> <li>That the FCA urgently put in place price and volume monitoring procedures, combined with an action plan for the effective management of the FCA's reaction to any issues involving the uncontrolled release of price-sensitive information originating from or involving the FCA.</li></ul> <p>On 16 December 2014, the Treasury select committee commenced taking evidence on the press briefing. Shortly thereafter, committee chair Andrew Tyrie said it looked as if the FCA had been guilty of an "extraordinary blunder" and had created a "disorderly market" through its actions.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=15" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239009302">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{clear:left;float:left;margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/28px-All-currency-symbol.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/42px-All-currency-symbol.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/9d/All-currency-symbol.svg/56px-All-currency-symbol.svg.png 2x" data-file-width="54" data-file-height="54" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:Banks" title="Portal:Banks">Banks portal</a></span></li></ul> <ul><li><a href="/wiki/FCA_Controlled_Functions" title="FCA Controlled Functions">FCA Controlled Functions</a></li> <li><a href="/wiki/Financial_Policy_Committee" title="Financial Policy Committee">Financial Policy Committee</a></li> <li><a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a></li> <li><a href="/wiki/Fraud_Advisory_Panel" title="Fraud Advisory Panel">Fraud Advisory Panel</a></li> <li><a href="/wiki/Prudential_Regulation_Authority_(United_Kingdom)" title="Prudential Regulation Authority (United Kingdom)">Prudential Regulation Authority</a></li> <li><a href="/wiki/List_of_financial_regulatory_authorities_by_jurisdiction" title="List of financial regulatory authorities by jurisdiction">List of financial regulatory authorities by jurisdiction</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=16" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output 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.citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.fca.org.uk/annual-report-and-accounts-2019-20">"Annual Accounts and Reports 2019/2020"</a>. FCA. 25 June 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">29 December</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Annual+Accounts+and+Reports+2019%2F2020&rft.pub=FCA&rft.date=2019-06-25&rft_id=https%3A%2F%2Fwww.fca.org.uk%2Fannual-report-and-accounts-2019-20&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-hm-treasury-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-hm-treasury_2-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/press_43_12.htm">"First Chair of the new Financial Conduct Authority appointed"</a><span class="reference-accessdate">. Retrieved <span class="nowrap">2 November</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=First+Chair+of+the+new+Financial+Conduct+Authority+appointed&rft_id=http%3A%2F%2Fwww.hm-treasury.gov.uk%2Fpress_43_12.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-vina-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-vina_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-vina_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVina" class="citation news cs1">Vina, Gonzalo. <a rel="nofollow" class="external text" href="http://www.businessweek.com/news/2010-06-16/u-k-scraps-fsa-in-biggest-bank-regulation-overhaul-since-1997.html">"U.K. Scraps FSA in Biggest Bank Regulation Overhaul Since 1997"</a>. <i>Businessweek</i>. Bloomberg<span class="reference-accessdate">. Retrieved <span class="nowrap">16 June</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Businessweek&rft.atitle=U.K.+Scraps+FSA+in+Biggest+Bank+Regulation+Overhaul+Since+1997&rft.aulast=Vina&rft.aufirst=Gonzalo&rft_id=http%3A%2F%2Fwww.businessweek.com%2Fnews%2F2010-06-16%2Fu-k-scraps-fsa-in-biggest-bank-regulation-overhaul-since-1997.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged April 2023">dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup></span> </li> <li id="cite_note-treasury1-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-treasury1_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/reform_and_regulation.htm">"Reform and regulation"</a>. HM Treasury. 17 June 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">17 June</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Reform+and+regulation&rft.pub=HM+Treasury&rft.date=2010-06-17&rft_id=http%3A%2F%2Fwww.hm-treasury.gov.uk%2Freform_and_regulation.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span> <a rel="nofollow" class="external text" href="http://nationalarchives.gov.uk-webarchive.info/-/www.hm-treasury.gov.uk/reform_and_regulation.htm">Archived here.</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180121071247/http://nationalarchives.gov.uk-webarchive.info/-/www.hm-treasury.gov.uk/reform_and_regulation.htm">Archived</a> 21 January 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">Goldsworth, J., <i>Lexicon of Trust & Foundation Practice</i> (<a href="/wiki/Wendens_Ambo" title="Wendens Ambo">Wendens Ambo</a>: Mulberry House Press, 2016), <a rel="nofollow" class="external text" href="https://books.google.com/books?id=yf6-CwAAQBAJ&pg=PA140">p. 140</a>.</span> </li> <li id="cite_note-treasury-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-treasury_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-treasury_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/press_126_12.htm">"Financial Services Bill receives Royal Assent"</a>. <a href="/wiki/HM_Treasury" title="HM Treasury">HM Treasury</a>. 19 December 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">4 January</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Financial+Services+Bill+receives+Royal+Assent&rft.pub=HM+Treasury&rft.date=2012-12-19&rft_id=http%3A%2F%2Fwww.hm-treasury.gov.uk%2Fpress_126_12.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><a href="/wiki/Andrew_Burrows,_Lord_Burrows" title="Andrew Burrows, Lord Burrows">Burrows, A.</a>, ed., <i>English Private Law</i>, (<a href="/wiki/Oxford" title="Oxford">Oxford</a>: <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>, ³2013), <a rel="nofollow" class="external text" href="https://books.google.com/books?id=IPzZAwAAQBAJ&pg=PA802">p. 802</a>.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.fca.org.uk/firms/strong-customer-authentication">"Strong Customer Authentication"</a>. <i>FCA</i>. 2 September 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">23 June</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=FCA&rft.atitle=Strong+Customer+Authentication&rft.date=2019-09-02&rft_id=https%3A%2F%2Fwww.fca.org.uk%2Ffirms%2Fstrong-customer-authentication&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20240711112451/https://www.fca.org.uk/news/press-releases/fca-overhauls-listing-rules-boost-growth-and-innovation-uk-stock-markets">"FCA overhauls listing rules to boost growth and innovation on UK stock markets"</a>. 11 July 2024. 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Retrieved <span class="nowrap">11 July</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=FCA+overhauls+listing+rules+to+boost+growth+and+innovation+on+UK+stock+markets&rft.date=2024-07-11&rft_id=https%3A%2F%2Fwww.fca.org.uk%2Fnews%2Fpress-releases%2Ffca-overhauls-listing-rules-boost-growth-and-innovation-uk-stock-markets&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.legislation.gov.uk/ukpga/2013/33/section/40/enacted">"Financial Services (Banking Reform) Act 2013"</a>. <i>Legislation.gov.uk</i><span class="reference-accessdate">. Retrieved <span class="nowrap">20 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Legislation.gov.uk&rft.atitle=Financial+Services+%28Banking+Reform%29+Act+2013&rft_id=https%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F2013%2F33%2Fsection%2F40%2Fenacted&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.psr.org.uk/media/k2njemx3/mr1512-indirect-access-market-review-interim-report.pdf">"Market review into the supply of indirect access to payment systems"</a> <span class="cs1-format">(PDF)</span>. <i>Payment Systems Regulator</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">24 April</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Consumer+protection+standards+for+APP+scams&rft.pub=The+Lending+Standards+Board+%28LSB%29&rft_id=https%3A%2F%2Fwww.lendingstandardsboard.org.uk%2Fcrm-code%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.lendingstandardsboard.org.uk/why-register/">"Registered Firms"</a>. Lending Standards Board (LSB)<span class="reference-accessdate">. Retrieved <span class="nowrap">24 April</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Registered+Firms&rft.pub=Lending+Standards+Board+%28LSB%29&rft_id=https%3A%2F%2Fwww.lendingstandardsboard.org.uk%2Fwhy-register%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span> List of banking institutions signed up with the LSB, updated as required.</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gov.uk/government/news/uk-launches-new-anti-money-laundering-watchdog">"UK launches new anti-money laundering watchdog"</a>. <i>GOV.UK</i>. HM Treasury. 23 January 2018<span class="reference-accessdate">. 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Retrieved <span class="nowrap">20 August</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=The+Financial+Conduct+Authority%3A+What+it+Does+and+Who+is+Charge&rft.date=2011-11-08&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Fnewsbysector%2Fbanksandfinance%2F8874588%2FThe-Financial-Conduct-Authority-what-it-does-and-who-is-charge.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.fca.org.uk/consumers/financial-services-products/investments/news-and-investigations">"News and investigations"</a>. <i>fca.org.uk</i><span class="reference-accessdate">. Retrieved <span class="nowrap">6 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=fca.org.uk&rft.atitle=News+and+investigations&rft_id=http%3A%2F%2Fwww.fca.org.uk%2Fconsumers%2Ffinancial-services-products%2Finvestments%2Fnews-and-investigations&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">Bond, R., <a rel="nofollow" class="external text" href="https://www.lexology.com/library/detail.aspx?g=dea011e4-dde0-41e4-a18a-78f52199a8c5">"e-Commerce in United Kingdom"</a>, Lexology, 15 August 2019.</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.handbook.fca.org.uk/handbook/EG/10/3.html?date=2016-06-01">"News and investigations"</a>. <i>fca.org.uk</i><span class="reference-accessdate">. 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Retrieved <span class="nowrap">6 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=parliament.uk&rft.atitle=Changing+Banking+for+Good%3A+Report+of+the+Parliamentary+Commission+on+Banking+Standards&rft_id=https%3A%2F%2Fpublications.parliament.uk%2Fpa%2Fjt201314%2Fjtselect%2Fjtpcbs%2F27%2F2704.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPowley2013" class="citation web cs1">Powley, Tanya (29 March 2013). <a rel="nofollow" class="external text" href="https://www.ft.com/content/8fe38d5c-979f-11e2-97e0-00144feabdc0">"<span class="cs1-kern-left"></span>'No action' against B of I"</a>. <i>Financial Times</i><span class="reference-accessdate">. Retrieved <span class="nowrap">20 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=%E2%80%98No+action%E2%80%99+against+B+of+I&rft.date=2013-03-29&rft.aulast=Powley&rft.aufirst=Tanya&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F8fe38d5c-979f-11e2-97e0-00144feabdc0&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFlanagan2013" class="citation web cs1">Flanagan, Martin (29 March 2013). <a rel="nofollow" class="external text" href="https://www.scotsman.com/business/rebuke-new-fca-boss-ahead-launch-day-1582834">"Rebuke for new FCA boss ahead of launch day"</a>. <i>scotsman.com</i><span class="reference-accessdate">. Retrieved <span class="nowrap">20 May</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=scotsman.com&rft.atitle=Rebuke+for+new+FCA+boss+ahead+of+launch+day&rft.date=2013-03-29&rft.aulast=Flanagan&rft.aufirst=Martin&rft_id=https%3A%2F%2Fwww.scotsman.com%2Fbusiness%2Frebuke-new-fca-boss-ahead-launch-day-1582834&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBowers2013" class="citation news cs1">Bowers, Simon (10 April 2013). <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2013/apr/10/hbos-heat-on-city-regulator-fca">"HBOS heat turns on head of new City regulator John Griffith-Jones"</a>. <i>The Guardian</i>. London.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=HBOS+heat+turns+on+head+of+new+City+regulator+John+Griffith-Jones&rft.date=2013-04-10&rft.aulast=Bowers&rft.aufirst=Simon&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fbusiness%2F2013%2Fapr%2F10%2Fhbos-heat-on-city-regulator-fca&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+Conduct+Authority" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><a href="/wiki/Treasury_Select_Committee" title="Treasury Select Committee">House of Commons Treasury Committee</a>, <i>HC 881—Press Briefing of the FCA's Business Plan for 2014/15</i> (London: <a href="/wiki/The_Stationery_Office" title="The Stationery Office">TSO</a>, 2015), <a rel="nofollow" class="external text" href="https://books.google.com/books?id=FK5aCgAAQBAJ&pg=PA10&dq=10">pp. 10–12</a></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text">Inman, P., <a rel="nofollow" class="external text" href="https://www.theguardian.com/business/2014/dec/16/fca-clive-adamson-quit-insurance">"Financial Conduct Authority director quit over insurance review fallout"</a>, <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>, 16 December 2014.</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Financial_Conduct_Authority&action=edit&section=17" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span class="official-website"><span class="url"><a rel="nofollow" class="external text" href="https://www.fca.org.uk/">FCA official 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title="UK Regulators Network">UK Regulators Network</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Member bodies</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Advocate_General_for_Scotland" title="Advocate General for Scotland">Advocate General for Scotland</a></li> <li><a href="/wiki/Civil_Aviation_Authority_(United_Kingdom)" title="Civil Aviation Authority (United Kingdom)">Civil Aviation Authority</a> (CAA)</li> <li><a class="mw-selflink selflink">Financial Conduct Authority</a> (FCA)</li> <li><a href="/wiki/Financial_Reporting_Council" title="Financial Reporting Council">Financial Reporting Council</a> (FRC)</li> <li><a href="/wiki/Information_Commissioner%27s_Office" title="Information Commissioner's Office">Information Commissioner's Office</a> (ICO)</li> <li><a href="/wiki/Legal_Services_Board" title="Legal Services Board">Legal Services Board</a> (LSB)</li> <li><a href="/wiki/Northern_Ireland_Authority_for_Utility_Regulation" class="mw-redirect" title="Northern Ireland Authority for Utility Regulation">Northern Ireland Authority for Utility Regulation</a> (UR)</li> <li><a href="/wiki/Office_of_Gas_%26_Electricity_Markets" class="mw-redirect" title="Office of Gas & Electricity Markets">Office of Gas & Electricity Markets</a> (OfGEM)</li> <li>Office of Communications (<a href="/wiki/Ofcom" title="Ofcom">Ofcom</a>)</li> <li><a href="/wiki/Office_of_Rail_%26_Road" class="mw-redirect" title="Office of Rail & Road">Office of Rail & Road</a> (ORR)</li> <li><a href="/wiki/Payment_Systems_Regulator" class="mw-redirect" title="Payment Systems Regulator">Payment Systems Regulator</a> (PSR)</li> <li><a href="/wiki/The_Pensions_Regulator" title="The Pensions Regulator">The Pensions Regulator</a> (TPR)</li> <li><a href="/wiki/Regulator_of_Social_Housing" title="Regulator of Social Housing">Regulator of Social Housing</a> (RSH)</li> <li><a href="/wiki/Single_Source_Regulations_Office" title="Single Source Regulations Office">Single Source Regulations Office</a> (SSRO)</li> <li>Water Services Regulation Authority (<a href="/wiki/Ofwat" title="Ofwat">Ofwat</a>)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <b><a href="/wiki/Category:Departments_of_the_Government_of_the_United_Kingdom" title="Category:Departments of the Government of the United Kingdom">Category</a></b></li> <li><span class="noviewer" typeof="mw:File"><span title="Commons page"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span> <a href="https://commons.wikimedia.org/wiki/Category:Departments_of_the_United_Kingdom_Government" class="extiw" title="commons:Category:Departments of the United Kingdom Government"><b>Commons</b></a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" 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href="https://isni.org/isni/0000000404965897">ISNI</a></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://viaf.org/viaf/305210890">VIAF</a></span></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/no2013096183">United States</a></span></li></ul></div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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