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FSA Changes to FCA
五月 09, 2013

On 1st April 2013 the functions of the Financial Services Authority were split into two separate authorities: the 'Financial Conduct Authority' (FCA) and the 'Prudential Regulation Authority' (PRA). The big question is how will this regulatory move affect you as a trader with ICM Capital? On the whole it will not affect you at all. Now being regulated by the FCA instead of the FSA simply means that clients' protection remains at the forefront of the regulators objectives.

The 3 main objectives of the FCA are:

• Securing an appropriate degree of protection for consumers
• Promoting efficiency and choice in the market for financial services
• Protecting and enhancing the integrity of the UK financial system

Due to ICM Capital activities, the firm is now regulated by the Financial Conduct Authority only.

Financial Conduct Authority

The key difference between the Financial Service Authority and the Financial Conduct Authority is that the FCA is a conduct authority, meaning they are not focused on all aspects of financial services, but mainly focused on conduct and treating their customers correctly. FCA will ensure conduct and markets regulation is tougher with customers being the focus point. Further focus points are policing the conduct of all firms currently regulated by the FSA to ensure consumers are protected and regulating smaller firms that do not fall under the Prudential Regulation Authority jurisdiction.

Prudential Regulation Authority

The PRA works alongside the Financial Conduct Authority (FCA) creating a corresponding regulatory structure in the UK. The PRA is a subsidiary of the Bank of England, and supervises banks, insurers and some investment firms. The PRA's objective is to promote the safety and soundness of these firms and to contribute to securing an appropriate degree of protection for policyholders.