Financial Conduct Authority (FCA)Mandatory
The Financial Conduct Authority is the conduct regulator for nearly 60,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for 19,000 firms.
Financial markets need to be honest, fair, and effective so that consumers get a fair deal. The FCA aims to make markets work well – for individuals, for business, large and small, and for the economy as a whole.
They do this by regulating the conduct of nearly 60,000 businesses. We are the prudential supervisor for 49,000 firms and we set specific standards for 19,000 firms. The Prudential Regulation Authority (PRA) is the prudential regulator of around 1,500 banks, building societies, credit unions, insurers and major investment firms. As a prudential regulator, it has a general objective to promote the safety and soundness of the firms it regulates.
The Institute were established on 1 April 2013, taking over responsibility for conduct and relevant prudential regulation from the Financial Services Authority.
FCA requires their retail investment advisers complete the required minimum 35 hours of CPD and get independent verification from an accredited body that the firm has met this requirement.