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The FCA is an independent non-governmental body but is ultimately accountable to the Treasury (the UK government department for finance). It replaces the former regulating body, FSA, which was abolished in 2013, when the Financial Services Act 2012 came into force.
Its headquarters are found in London and is funded through the fees it charges to.
The FCA has the power to regulate firms in the financial sector, and is responsible for:
- Applying minimum standards and requirements for financial products
- Regulating conduct specific to the marketing of financial products
- Investigating firms/individuals, and applying bans where deemed appropriate
The products that fall under the FCA’s jurisdiction are:
- Consumer Credit
- Mutual Societies
- Financial Advisors