Diversified Financial Services
Company Overview of The Financial Conduct Authority
The Financial Conduct Authority regulates the financial services industry in the United Kingdom. The company supervises the conduct of approximately 50,000 firms, as well as regulates the prudential standards of those firms not covered by the Prudential Regulation Authority. It also works with firms to fight financial crime and unfair contract terms, as well as to facilitate them to protect themselves against criminal activities. In addition, the company regulates financial services providers to ensure consumers are offered with appropriate products for their personal circumstances; and sets standards for financial advisers to provide unbiased advice on a range of products. Further, it engag...
25 The North Colonnade
London, E14 5HS
Founded in 1985
Key Executives for The Financial Conduct Authority
Chief Executive Officer and Executive Director
Executive Officer of Finance & Operations
Chief Executive of Consumer Financial Education Body
Divisional Head of Retail Markets and Director of Prudential Standards Division
Compensation as of Fiscal Year 2014.
The Financial Conduct Authority Key Developments
Barclays Announces Foreign Exchange and ISDAfix Settlements
May 21 15
As part of their industry-wide investigations into certain sales and trading practices in the Foreign Exchange market, Barclays has reached settlements with the U.S. Commodity Futures Trading Commission, the New York State Department of Financial Services, the U.S. Department of Justice, the Board of Governors of the Federal Reserve System and the UK Financial Conduct Authority. Barclays has agreed to pay a combined total of GBP 1,533 million. In common with other financial institutions announcing FX settlements with the DOJ, Barclays has also agreed to plead guilty to a violation of US anti-trust law. The fine imposed by the DOJ includes an amount of GBP 38.7 million as a consequence of certain practices continuing after Barclays entered into a Non-Prosecution Agreement with the DOJ in June 2012. However, the DOJ has exercised its discretion not to declare a breach of the NPA recognising the significant cultural and compliance changes already instituted by Barclays and the degree of co-operation that Barclays provided in the course of the DOJ's investigation. As the settlements show, Barclays has also received recognition for these changes and its co-operation from other authorities. Barclays has also reached a settlement with the CFTC as part of an industry-wide investigation into the setting of the US Dollar ISDAfix benchmark. In connection with this resolution, Barclays has agreed to pay GBP 74.2 million. The fines imposed under settlements are covered by existing provisions of GBP 2.05 billion, including those taken by Barclays in its first quarter of 2015 results.
U.K. Financial Conduct Authority Approves Towry Finance Co. Ltd.'s Takeover of Ashcourt Rowan plc
Apr 24 15
Ashcourt Rowan Plc and Towry Holdings Ltd. said April 22 that the U.K. Financial Conduct Authority approved a recommended offer by Towry Finance Co. Ltd. for the entire issued and to-be-issued share capital of Ashcourt Rowan. Other conditions to the scheme of the takeover continue to apply, with a hearing on a request for a court to sanction the scheme scheduled to take place May 7. The scheme is expected to become effective the same day.
The Financial Conduct Authority to Fine Merrill Lynch International of £10 Million
Apr 23 15
The U.K.'s Financial Conduct Authority will fine Merrill Lynch International more than £10 million. The penalty will reportedly be announced April 22, 2015 and is in connection with the Bank of America Corp. unit's alleged failure to properly report transactions.
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