Financial Conduct Authority (FCA) UK Regulation Sample Exam

The Financial Conduct Authority (FCA) was established in 2013 as part of the UK’s financial regulatory reforms following the financial crisis of 2007-2008. It was created to replace the Financial Services Authority (FSA), which was perceived to have failed in its regulatory duties. The establishment of the FCA aimed to provide better protection for consumers, ensure the integrity of the UK financial markets, and promote competition. This year marked a significant restructuring of the regulatory framework in the UK, emphasizing the importance of consumer protection and the proper functioning of financial markets. Understanding the establishment year is crucial for anyone studying UK financial regulation, as it contextualizes the evolution of regulatory practices and the rationale behind the formation of the FCA.