If you’ve been around the Forex trading market, you’ve probably heard or saw FCA somewhere on those trading websites and what have you. First of all, FCA stands for Financial Conduct Authority; they are the regulator for over 56,000 financial services and firms and financial markets in the UK and the prudential regulator for over 24,000 of those firms.
See also: Importance of Financial Investing
What Does FCA Do?
FCA is the pioneer for the safer and more honesty financial market, they promote fairness and effectiveness for all consumers all over the world. FCA said, “It is our aim to make markets work well – for individuals, for business, large and small, and for the economy as a whole.”
The FCA started on April 1, 2013. They then started to grow and grow each year, regulating over 56,000 financial and the prudential regulator for over 24,000 of these firms. FCA governs 2.2 million people that are employed in the UK financial service who contributes 65.6 billion pounds in tax to the UK economy.
How Does FCA Do All The Regulating?
According to FCA’s website, this is how;
Our strategic objective is to ensure that the relevant markets function well and our operational objectives are to:
- Protect consumers – we secure an appropriate degree of protection for consumers.
- Protect financial markets – we protect and enhance the integrity of the UK financial system.
- Promote competition – we promote effective competition in the interests of consumers.
The Financial Conduct Authority continues as a public body that is funded completely by the firms and financial service providers they regulate by charging those fees. They are also accountable to the Treasury, which is responsible for the UK’s financial system, and to the parliament.
Finally, they also work with several consumer groups, trade associations, and professional bodies domestic regulators, EU legislators, and a wide range of other stakeholders.
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