January 29, 2015 1:33 AM ET

Diversified Financial Services

Company Overview of The Financial Conduct Authority

Company Overview

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

Canary Wharf

London,  E14 5HS

United Kingdom

2,589 Employees

Phone:

44 20 7066 1000

Key Executives for The Financial Conduct Authority

Chief Executive Officer and Executive Director
Age: 55
Executive Officer of Finance & Operations
Chief Operating Officer and Executive Director
Chief Executive of Consumer Financial Education Body
Head of Enforcement and Executive Director
Compensation as of Fiscal Year 2014.

The Financial Conduct Authority Key Developments

Lesley Titcomb Leaves The Financial Conduct Authority as Chief Operating Officer

The Financial Conduct Authority announced that chief operating officer Lesley Titcomb has left the company.

The Royal Bank of Scotland Group plc Reaches Agreement with the Financial Conduct Authority and Prudential Regulation Authority

The Royal Bank of Scotland Group plc announced that it has reached agreement with the Financial Conduct Authority and Prudential Regulation Authority in the United Kingdom for failings in relation to the 2012 I.T. incident. RBS has agreed a penalty of GBP 42 million with the FCA and GBP 14 million with the PRA. Both these payments are covered by provisions already made by RBS. In 2013, RBS announced an increased investment of £750 million for a three year period, over and above its annual I.T. spend, to enhance the security and resilience of its I.T. systems. On the specific point of failure in 2012, the batch processing system, significant changes have been made. Since March 2014, RBS has put in place four dedicated and separate batch schedulers for NatWest, RBS, Ulster Bank NI and Ulster Bank ROI, significantly reducing the likelihood of a single scheduler incident impacting more than one brand. Following separation the batch scheduler runs twice as fast as previously, processing around 20 million transactions across four brands per day. 20,000 changes have been made to improve and strengthen the batch environment and reduce the likelihood of future incidents. On November 12, 2014, the Central Bank of Ireland announced that it had fined Ulster Bank Ireland Limited EUR 3.5 million in relation to the incident of June 2012.

Citigroup Inc. Announces Foreign Exchange Settlements

Citigroup Inc. announced that it has entered into settlements with the U.K. Financial Conduct Authority, the Office of the U.S. Comptroller of the Currency and the U.S. Commodity Futures Trading Commission to settle ongoing investigations into Citi's foreign exchange business. Under the terms of the settlements, Citi will pay a total of approximately $1.018 billion and agreed to further enhance the control framework governing its foreign exchange business. The payments include approximately $358 million to the FCA, $350 million to the OCC and $310 million to the CFTC. These payments are covered by Citi's existing legal reserves as of the third quarter 2014.

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