Financial Conduct Authority (FCA)

The Financial Conduct Authority is the conduct regulator for around 45,000 financial services firms operating in the UK. Its primary consumer-protection powers include authorising and supervising firms, banning harmful products, and taking action against unauthorised businesses. The FCA's ScamSmart campaign (fca.org.uk/scamsmart) educates consumers about investment fraud, and its Financial Services Register lets anyone verify whether a firm is authorised.

For fraud victims, the FCA matters in several ways. Any firm offering regulated financial services in the UK without FCA authorisation is committing a criminal offence, and the FCA publishes a Warning List of unauthorised firms. Dealing with an unauthorised firm typically means no access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), leaving victims with fewer routes to redress.

The FCA also sets conduct rules around suitability, disclosure, and complaints handling. Authorised firms must respond to complaints within eight weeks and signpost the Financial Ombudsman Service if the customer remains dissatisfied. Breaches of FCA rules can result in fines, restrictions, and individual bans.