Diversified Financial Services
Company Overview of The Financial Conduct Authority
The Financial Conduct Authority is a government organization that 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 ra...
25 The North Colonnade
London, E14 5HS
Founded in 1985
Key Executives for The Financial Conduct Authority
Interim Chief Executive Officer and Executive Director
Director of Finance & Operations
Chief Executive of Consumer Financial Education Body
Divisional Head of Retail Markets and Director of Prudential Standards Division
Managing Director of Regulatory Services
Compensation as of Fiscal Year 2015.
The Financial Conduct Authority Key Developments
Financial Conduct Authority and Prudential Regulation Authority Introduce New Rules on Whistleblowing
Oct 6 15
New rules issued by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) aim to establish mechanisms within banks to allow for internal whistleblowing. Under the rules, which originated in the Parliamentary Commission on Banking Standards (PCBS) in 2013, banks must appoint of a senior person to oversee the effectiveness of the arrangements in place to allow for whistleblowing activity. From September 2016, firms with over £250 million in assets will have to educate UK-based employees about the FCA and PRA whistleblowing services, present a report on whistleblowing to the company's board at least annually and inform the FCA if it loses an employment tribunal with a whistleblower. The rules also require firms to put text in settlement agreements explaining an employee's right to whistleblow. Likewise, appointed representatives and tied agents must tell their UK-based employees about the FCA whistleblowing service. FCA said the rules are designed to provide comfort and confidence to prospective whistleblowers.
The Financial Conduct Authority Announces Board Changes
Sep 22 15
The Financial Conduct Authority (FCA) has promoted Linda Woodall as director of life insurance and financial advice and Georgina Philippou as chief operating officer. Woodall, former FCA acting director of retail supervision and authorizations, has started her new role which will involve supervisory work on life insurers and financial advisers. Philippou, currently acting director for enforcement and market oversight, will take up her new role in November 2015. She replaces David Godfrey, who took over the role on an interim basis following ex-chief operating officer Lesley Titcomb's departure in March to become chief executive of The Pensions Regulator. The appointments follow former chief executive Martin Wheatley's stepping down last week. David Godfrey has returned to his previous role of director of finance and operations.
Financial Conduct Authority Announces Executive Appointments
Sep 21 15
Former director general of the Association of Independent Financial Advisers (Aifa) Chris Cummings has been appointed to the Financial Conduct Authority (FCA) regulatory decisions committee (RDC). Ex Aifa boss Cummings, who became chief executive of lobby group TheCityUK in 2010, is one of ten new appointments across the FCA's RDC and competition decisions committee and the Payment Systems Regulator (PSR)'s enforcement decision committee (EDC) and competition decisions committee. John Hull, a litigation partner at law firm Latham & Watkins and Elizabeth France, chair of the Security Industry Authority, will become deputy chairs of the RDC, with France also acting as deputy chair of the EDC. The other new members who will sit on both the RDC and EDC are former Royal Bank of Scotland global head of transaction services Kevin Brown and former UK chief financial officer for RSA Caroline Ramsay. Professor of economics at Imperial College Business School Jonathan Haskel, senior adviser to KPMG's telecommunications practice Stuart McIntosh, pro-vice-chancellor at the University of Exeter Robin Mason, and competition partner at law firm Slaughter and May Malcolm Nicholson will all take roles on the EDC and FCA and PSR competition decisions committees.
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