The Financial Conduct Authority (‘FCA’)
The Financial Conduct Authority, the FCA, is an independent body that regulates the financial services industry in the UK. Created by the requirements of the Financial Services Act 2012, the FCA superseded the Financial Services Authority, the FSA, and came into being on 1st April 2013.
Firms and individuals can only conduct regulated financial advice in the UK if they are authorised by the FCA to do so. Authorised and registered firms have then to meet specific standards and are required to provide information to the FCA so their activities can be monitored. If the firms don’t meet the FCA’s requirements they can be fined or stopped from operating in financial services.
The FCA is accountable to the treasury which is responsible for the UK’s financial system, and to parliament. The objective of the FCA is to protect consumers, to ensure the industry remains stable and to promote healthy competition between financial services providers. As such it has rule-making, investigative and enforcement powers that are used to protect and regulate the industry.
The FCA supervises the conduct of over 50,000 firms, including One Financial Solutions, and regulates the conduct of those firms not covered by the Prudential Regulation Agreement.
As an independent body the FCA does not receive Government funding; it is funded by the financial services firms it regulates, charging fees to those firms that follow its rules and guidelines.
The FCA publishes a register, the Financial Services Register that lists those individuals and firms that are authorised by the FCA to do business, are registered to undertake regulated activities and are approved to provide products or services. The register can be accessed via www.fca.org.uk/register.
One Financial Solutions is an Appointed Representative of 2plan wealth management Ltd which is authorised and regulated by the Financial Conduct Authority. It is entered on the FCA register under reference 461598.
Should you feel the need to make a complaint about a financial services provider you should start by complaining directly to the provider; they have to advise the FCA that you have done so. If you remain unsatisfied you can then escalate the complaint by contacting the Financial Ombudsman Service via www.financial-ombudsman.org.uk.
For more information about the FCA, please visit their website at www.fca.org.co.uk.