About the Financial Conduct Authority

  • Posted on: 11 December 2017

What is the FCA?

The Financial Conduct Authority (FCA) is an independent organisation responsible for the regulation of the financial services industry in the UK. It is accountable to the Treasury and Parliament, but does not receive any government funding. The FCA is funded by the fees it charges authorised businesses.

Does the FCA regulate Payment Services?

Yes. Payments Institutions in the UK are ultimately regulated by the European Commission issued Payment Services Directive (PSD) that became law on 1st November 2009. The FCA has implemented the PSD through the Payment Services Regulations, which came into effect in 2009. Similarly, Electronic Money Institutions are regulated mainly through the E-money Directive (EMD), which was adopted by the European Parliament and the Council of the European Union in September 2009. The FCA implemented the EMD through the Electronic Money Regulations in 2011.

What does the FCA mean by Training & Competence?

Training & Competence is a specific aspect of the FCA's regulations and one of the compliance procedures you're required to document and follow. It refers to their aim of ensuring customers deal with competent business employees. The rules on Training & Competence cover assessing and maintaining competence and record keeping.

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