The Financial Conduct Authority known as FCA is another regulator of financial services industry in United Kingdom, but is operating independently of the UK government. Being independent from UK government, FCA is financed by charging fees to members of the financial services industry. FCA has the power to rise the fees every time is necessary, because at one point it becomes a necessity regardless that they don’t have a government funding.
FCA was formed in 2013, 1 April and it’s focused on the regulation of conduct by retail and wholesale financial services companies. The company headquarters are at 25 North Colonnade, London, United Kingdom.
The main gold on this agency is to protect the consumers, to promote healthy competition between financial providers for the interests of the consumer and not least to protect and enhance the integrity of UK financial system. With a significant power, FCA has the right to investigate organizations and individuals and even to ban financial products or to demand immediately retract of promotions which are misleading.