FSA BECOMES FCA
You may not be aware of it, but we are now regulated by a new regulator. The Financial Services Authority (FSA) is no more, and has been replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
What is changing for you?
Well, not a lot. The FCA will have a focus on consumers and ensuring that you are treated in the way they would expect.
The idea of the changes to is make sure that the financial system works properly, and that we can avoid the crises of recent years. The FCA will be staffed by the same people as the FSA, and work out of the same offices. However, there will be a different way of regulating financial services, particularly the larger institutions.
We will update all our stationery and marketing materials to remove references to “Services”, to change this to “Conduct”.
We have been assessed as a ‘low risk’ firm (as we were with the FSA), but will continue to have our financial advice activities monitored by the new regulator as you would expect.
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