Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is an independent, non-governmental UK body responsible for monitoring and regulating the UK financial services industry. It has two main goals:
- To ensure the stability of the UK’s financial markets.
- To ensure that financial service firms act in a responsible and safe way.
The FCA implements rules and regulations with UK financial companies to protect consumers from bad practice, poor advice, financial mismanagement and other issues. It does this by setting minimum standards for financial products, supervising financial institutions and ensuring they treat customers correctly and authorizing financial service providers to operate.
Currency exchange and money transfer providers that are based in the UK are regulated by the FCA and must demonstrate that they meet regulatory standards. Providers that are not based in the UK may also decide to seek regulation from the FCA.
The FCA is a financial regulatory authority.
The Monito Glossary
When it comes to moving money, don't let yourself be bogged down by all the jargon. Explore The Monito Glossary to get up to speed with everything you need to know about money transfers.
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