Financial Conduct Authority

The Financial Conduct Authority (FCA),[1] previously known as the Consumer Protection and Markets Authority (CPMA), is a future agency of the Government of the United Kingdom, formed as one of the successors to the Financial Services Authority.[2] The agency will regulate financial firms providing services to consumers and maintain the integrity of the U.K.’s financial markets.[2] It will focus on the regulation of conduct by both retail and wholesale financial services firms.[3]

In early 2011, it was confirmed that the new head of the FCA will be Martin Wheatley, formerly chairman of Hong Kong's Securities and Futures Commission.[4]

The original name of Consumer Protection and Markets Authority (CPMA) was changed after the Treasury Select Committee pressured the government by pointing out that this name could mislead consumers.

See also

References

  1. ^ http://www.ft.com/cms/s/0/e1fe4e30-3a11-11e0-a441-00144feabdc0.html
  2. ^ a b Vina, Gonzalo. "U.K. Scraps FSA in Biggest Bank Regulation Overhaul Since 1997". Businessweek (Bloomberg). http://www.businessweek.com/news/2010-06-16/u-k-scraps-fsa-in-biggest-bank-regulation-overhaul-since-1997.html. Retrieved 16 June 2010. 
  3. ^ "Reform and regulation". HM Treasury. 17 June 2010. http://www.hm-treasury.gov.uk/reform_and_regulation.htm. Retrieved 17 June 2010. 
  4. ^ "Wheatley to head new UK consumer regulator", The Financial Times, 2011-02-02, http://www.ft.com/cms/s/0/c3a14ee0-2eba-11e0-9877-00144feabdc0.html#axzz1Co2YN68v, retrieved 2010-02-02