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
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.
Bank of New York Mellon Corp. to Pay £126 Million to Resolve the U.K. Financial Conduct Authority's Probe for Compliance with Client Assets Sourcebook Rules
Apr 16 15
Bank of New York Mellon Corp. to pay £126 million to resolve the U.K. Financial Conduct Authority's probe into the company's compliance with client assets sourcebook rules. The penalty amount includes a discount granted in recognition of BNY Mellon's cooperation and is fully covered by pre-existing legal reserves. BNY Mellon noted no clients suffered losses as a result of the issues identified by the FCA and that it has launched an internal review with the assistance of an independent accounting firm and external legal advisers. Steps have been taken toward remediation. The penalty amount includes a discount granted in recognition of Bank of New York Mellon's cooperation and is fully covered by pre-existing legal reserves.
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