History of the FCA - Financial Conduct Authority

History of the FCA

Published: 25/11/2015     Last Modified: 05/01/2016

Before the FCA

In 1997 the Chancellor of the Exchequer announced reforms to financial services regulation in the UK. As part of those reforms the FSA was created from the Securities and Investments Board.

The FSA took over responsibility for:

  • banking supervision from the Bank of England
  • listing authority from the London Stock Exchange
  • investment services regulation

After 1997 the Government gave the FSA additional responsibilities including:

  • mortgage and general insurance business regulation
  • authority to take action to prevent market abuse

Why change the FSA to the FCA?

In the wake of the financial crisis, the Financial Services Act of 2012 set out a new system for regulating financial services in order to protect and improve the UK’s economy.

Our purpose is to make sure markets work well so that consumers get a fair deal. We:

  • maintain and ensure the integrity of the market
  • regulate financial services firms so that they give consumers a fair deal
  • ensure the financial services market is competitive

Journey to the FCA

The Journey to the FCA set out how we will approach our regulatory objectives and how we intend to achieve a fair deal in financial services for consumers.

The Prudential Regulation Authority (PRA)

The PRA is part of the new system for regulating financial services in the UK. The PRA works alongside us and is responsible for the prudential supervision and regulation of banks, building societies, credit unions, insurers and investment firms. Read more about the PRA.