The Role And Statutory Objectives Of The Financial Conduct Authority

Question 1

Explain the role of the the FCA

Answer 1

1. FCA is responsible for regulating conduct in retail and wholesale markets.
2. It is also responsible for the Prudential regulations of funds not regulated by the PRA.

Question 2

Explain the statutory objectives of the FCA. These are strategic objectives and the operational objectives.

Answer 2

1. Strategic objective - and ensure that the relevant market function well.
2. Operational objectives -
   A. Secure an appropriate degree of protection for consumers.

B. Protect and enhance the integrity of the UK financial system.

C. Promote effective competition in the interests of consumers.