Our perimeter

Our perimeter (remit) determines the activities we regulate and the level of protection consumers can expect when they buy financial services and products. 

Our perimeter is set by the Government and Parliament, and it determines what we do and don’t regulate.   

We have significant responsibility. We're the conduct regulator for around 50,000 financial services firms and financial markets in the UK, and we prudentially regulate around 48,000 firms. 

Our perimeter report 

Our actions have a profound effect on people’s daily lives. Almost 9 in 10 adults have at least one insurance product, and 70% of people who haven’t yet retired are saving into a pension.  

It’s important we communicate clearly where our powers lie, and our perimeter report is part of that. 

Working with the Government, we assess the state of our perimeter, clarify complexities, explain the ways we are pre-empting or responding to issues, and highlight gaps in legislation and areas of potential harm.  

Where we don’t have the powers we believe we need, we work with the Government and Parliament towards achieving them. Where we can, we also take action when we identify problems outside our perimeter that are causing harm.  

We update the report once a quarter. 

Changing our remit to protect consumers 

Some online adverts can lead to vulnerable customers being defrauded of their life savings. In 2021, we worked with the Government to include financial crime in upcoming online safety legislation.  

We also successfully engaged with Google, to get it to change its policy to meaningfully protect consumers. Other platforms have promised to do the same this year. 

We also made the case to regulate pre-paid funeral plans. That is now happening and, while awaiting formal oversight, we're actively ensuring existing providers meet our standards. Where they don’t, we're working with the industry to transfer the majority of plans to other providers.  

In February 2021, we made it clear that Buy Now Pay Later services urgently needed to come under our remit. Legislation is now being consulted on. In the meantime, we used existing consumer protection legislation to ensure major providers re-drew their terms to better serve consumers.