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The Financial Conduct Authority Handbook is a set of rules required to be followed by banks, insurers, investment businesses and other financial services in the United Kingdom under the Financial Services and Markets Act 2000. It is administered by the Financial Conduct Authority in London.
Consumer Duty is a standard introduced by the Financial Conduct Authority, in the UK, intended to improve Consumer protection for financial-services firms in the UK. [1] The changes were announced in 2021 and officially came into force on 31 July 2023.
The FCA works alongside the Prudential Regulation Authority and the Financial Policy Committee to set regulatory requirements for the financial sector. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom ...
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Regulators' rules and guidance. The rules of regulators, including the Financial Conduct Authority (FCA), also play a key part. If the FCA has indicated how it wants firms to behave and a firm breaks that, it can be deemed unfair. Good industry practice. This is the most interesting one, as it allows the ombudsman to define what good practice is.
Ensure that arrangements are made for the protection of users, including complaints handling. The rules and procedure for authorisation are defined in the Compensation (Claims Management Services) Regulations 2006. [17] The Regulator may investigate unauthorised trading and seek an injunction to prevent it or bring a criminal prosecution. [18]
The FCA fined Clydesdale Bank £20,678,300 for serious failings in its PPI complaint handling processes between May 2011 and July 2013. This is the largest ever fine imposed by the FCA for failings relating to PPI. Clydesdale agreed to settle at an early stage of the FCA's investigation and therefore qualified for at 30% stage 1 discount.
The Financial Services and Markets Act 2000 (c. 8) is an act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts.