Financial Conduct Authority (FCA)

The Financial Authority Conduct (FCA) is a regulatory agency in the UK that’s purpose is to ensure financial integrity in the UK and boost the credibility of its markets. The FCA works closely with other regulatory agencies in the UK to set regulations for both retail and wholesale financial service providers. The FCA currently oversees 58,000 financial service firms in the UK.

All financial institutions in the UK must pass the ‘Fit and Proper Test’ of the FCA before they are approved. As a result, the FCA protects consumers while protecting other firms in the financial sector while maintaining healthy competition.

The FCA is determined to increase regulation of cryptocurrencies and other digital assets in the UK. In its bid to protect consumers, it has also released several warnings to retail financial services and consumers on various cryptocurrency investments.

For example, the FCA flagged Binance and other crypto-based companies stating that they were unauthorized to offer financial services in the UK. The overarching aim of the FCA is to protect UK consumers, keep the industry stable, and promote healthy competition.