Why is it important to know about the Financial Conduct Authority and our relationship with them?
* Information is taken from FCA.org.uk June 2022.
The Financial Conduct Authority, the FCA for short, is the governing body for financial services and currently oversees approximately 51,000 financial service providers within the UK.
Their main aim is to ensure that financial markets and products are fair, honest and effective. This means that consumers get exactly what they expect when they expect it. This is done to ensure that the financial services offered work for everyone, the end-user, the provider and the Uk economy.
They do this by regulating how a business operates, supervising some and setting industry standards for others.
Every time you buy a financial product or service, it is important to know that the organisation you buy from is allowed to do this.
That is to say that they must be regulated by the FCA in one form or another.
This is important, and the FCA suggests three simple steps to ensure that the organisation you are dealing with is regulated and permitted.
1. Check that the organisation you are planning to deal with is on the FCA register.
2. Make sure that they have the correct permissions to offer the product or service.
3. Only ever use the contact details shown on the FCA register.
We are directly authorised by the FCA, and our FCA FRN Number is 821163.
You can verify this by visiting their website https://www.fca.org.uk. Simply search the regulated firms register https://register.fca.org.uk/s/.
We are not perfect and don't believe that any organisation can and will ever be. Still, by striving to be compliant in all regulatory aspects, we have robust and effective management systems in place. These systems allow us to monitor, supervise and maintain the FCA's standards and maintain sufficient financial resilience.