In April 2013 the UK’s Financial Services Authority (FSA) was replaced by two new regulatory bodies: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The FCA is responsible for regulation of conduct in retail, as well as wholesale, financial markets and the infrastructure that supports those markets. The FCA also has responsibility for the prudential regulation of firms that do not fall under the PRA’s scope.
FCA in the news
In April 2014, one year after the launch of the FCA it was in the headlines for all the wrong reasons after a leak that it intended to launch a probe into the insurance industry resulted in a sell off in insurance companies’ shares.