FCA

Question 1

What is the FCA and what is it’s main strategic objective?

Answer 1

The FCA is the Financial Conduct Authority (2012)

It’s single strategic objective is to make markets function well

Question 2

The three main operational objectives?

Answer 2

Consumer protection objective
Integrity objective
Competition objective

Question 3

What is the three pillar approach?

Answer 3

Structured supervision of those firms more likely to cause risk to consumers and market integrity

Question 4

Pillar 1

Answer 4

Proactive firm supervision - firm being run in a way that treats customers fairly, minimises risk to market integrity and does not impede effective competition

Question 5

Pillar 2

Answer 5

Event-driven work - deal with issues that are emerging or that have happened, that are unforeseen in their nature

To stop problems crystallising or getting worse if they have crystallised

Question 6

Pillar 3

Answer 6

Issues and products - thematic supervision, risk assessments regarding a current issue or product that is driving poor outcomes for consumers and market participants

Product intervention powers