Financial Conduct Authority

<h2 id="history">History</h2>
The <a href="/facts/Financial_Services_Act_2012/yd4Gan2F">Financial Services Act 2012</a> came into force on 1 April 2013. The Act created a new regulatory framework for financial services and abolished the <a href="/facts/Financial_Services_Authority/Nj1GjuCE">Financial Services Authority</a>.<a class="footnote-ref" id="fnref:3" href="#fn:3">3</a> Specifically, the Act gave the <a href="/facts/Bank_of_England/9ITfYV3q">Bank of England</a> responsibility for financial stability, bringing together macro and micro prudential regulation, and created a new regulatory structure consisting of the Bank of England's Financial Policy Committee, the <a href="/facts/Prudential_Regulation_Authority_(United_Kingdom)/M2nTHIXC">Prudential Regulation Authority</a> and the Financial Conduct Authority.<a class="footnote-ref" id="fnref:4" href="#fn:4">4</a><a class="footnote-ref" id="fnref:5" href="#fn:5">5</a>
On 26 October 2015, the FCA brought in rules banning regulated financial services firms from offering <a href="/facts/Premium-rate_telephone_number/kWCxsy1G">premium rate</a> 084, 087 or 09 telephone numbers for customer contact.<a class="footnote-ref" id="fnref:6" href="#fn:6">6</a><a class="footnote-ref" id="fnref:7" href="#fn:7">7</a><a class="footnote-ref" id="fnref:8" href="#fn:8">8</a>
With effect from 14 September 2019, the FCA introduced <a href="/facts/Strong_customer_authentication/DmVxXkbE">strong customer authentication</a> rules as required by the <a href="/facts/Payment_Services_Directive/VhoQxbfe">Revised Directive on Payment Services</a> (PSD2),<a class="footnote-ref" id="fnref:9" href="#fn:9">9</a> aiming to reduce fraud and improve security by requiring payment services providers to use two of the following three types of authentication when customers make <a href="/facts/Online_payment/WwzxAm8V">online payments</a> over €30 in the EEA:

<ul><li>PIN code or a password</li>
<li><a href="/facts/Biometrics/MgTbyA0r">Biometrics</a> such as a fingerprint</li>
<li>Physical device such as a phone.</li></ul>
The FCA published new <a href="/facts/Listing_Rules/LMT9USQM">Listing Rules</a> in 2024, aiming to simplify the UK listings regime, marking the most significant changes in over three decades. These rules, effective from 29 July 2024, created a single listing category and streamlined eligibility criteria to encourage a wider range of companies to issue shares in the UK.<a class="footnote-ref" id="fnref:10" href="#fn:10">10</a>

<h3>Payment Systems Regulator</h3>
In April 2015, the FCA created a separate entity, the Payment Systems Regulator (PSR), in accordance with section 40 of the Financial Services (Banking Reform) Act 2013.<a class="footnote-ref" id="fnref:11" href="#fn:11">11</a> The PSR's role is "to promote competition and innovation in payment systems, and ensure they work in the interests of the organisations and people that use them".<a class="footnote-ref" id="fnref:12" href="#fn:12">12</a><a class="footnote-ref" id="fnref:13" href="#fn:13">13</a>
From May 2019 some victims of <a href="/facts/Authorized_push_payment_fraud/9t4vbPHU">authorized push payment fraud</a> are eligible to receive a refund under the Contingent Reimbursement Model Scheme,<a class="footnote-ref" id="fnref:14" href="#fn:14">14</a> a voluntary scheme overseen by the Payment Systems Regulator that provides protections for customers of signatory firms,<a class="footnote-ref" id="fnref:15" href="#fn:15">15</a> subject to a number of exclusions.

<h3>Anti-money laundering supervision</h3>
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is based within the FCA.<a class="footnote-ref" id="fnref:16" href="#fn:16">16</a> It was established in January 2018 to oversee the 22 accountancy and legal professional bodies which supervise anti-<a href="/facts/Money_laundering/98Gw3mgx">money laundering</a> compliance in view of the Money Laundering Act 2017.<a class="footnote-ref" id="fnref:17" href="#fn:17">17</a><a class="footnote-ref" id="fnref:18" href="#fn:18">18</a>

<h2 id="powers">Powers</h2>
The authority has significant powers, including the power to regulate conduct related to the marketing of financial products. It is able to specify minimum standards and to place requirements on products.<a class="footnote-ref" id="fnref:19" href="#fn:19">19</a> It has the power to investigate organisations and individuals.<a class="footnote-ref" id="fnref:20" href="#fn:20">20</a> In addition, the FCA is able to ban financial products for up to a year while considering an indefinite ban. It has the power to instruct firms to immediately retract or modify promotions which it finds to be misleading and to publish such decisions.<a class="footnote-ref" id="fnref:21" href="#fn:21">21</a>
Furthermore, the FCA is able to freeze assets of individuals or organisations under investigation, regardless of whether they are innocent or guilty.<a class="footnote-ref" id="fnref:22" href="#fn:22">22</a><a class="footnote-ref" id="fnref:23" href="#fn:23">23</a>: 143  The authority has been responsible for regulating the consumer credit industry since 1 April 2014, taking over the role from the <a href="/facts/Office_of_Fair_Trading/nGMQ6IRD">Office of Fair Trading</a>.<a class="footnote-ref" id="fnref:24" href="#fn:24">24</a>
In July 2023, the FCA announced reforms aiming to curb the use of social media by 'finfluencers' to encourage the purchasing of harmful financial products by UK consumers. Among the reforms was a ban on crypto incentives, such as 'refer a friend' bonuses, a compulsion for finfluencers to have clear risk warnings and for products to have a 24-hour cooling period to give first-time investors the time to adequately consider their investment decision. The move came following a significant rise in social media promotion of financial products by finfluencers in 2022, with 14 times more having been posted than the previous year.<a class="footnote-ref" id="fnref:25" href="#fn:25">25</a>

<h2 id="sectors-and-firms">Sectors and firms</h2>
<h3>Banks</h3>
The Financial Services Act of 2012 set out a new system for regulating financial services in order to protect and improve the UK's economy.<a class="footnote-ref" id="fnref:26" href="#fn:26">26</a> The FCA supervises banks to ensure they treat customers fairly, encourage innovation and healthy competition, and help the FCA to identify potential risks early so they can take action to reduce risks.

<h3>Mutual societies</h3>
There are more than 10,000 <a href="/facts/Mutual_Society/h16jQCdK">mutual societies</a> in the United Kingdom.<a class="footnote-ref" id="fnref:27" href="#fn:27">27</a>: 64  The FCA are responsible for registering new mutual societies, keeping public records, and receiving annual returns.<a class="footnote-ref" id="fnref:28" href="#fn:28">28</a>

<h3>Financial advisers</h3>
Beginning 31 December 2012, <a href="/facts/Independent_financial_advisers/7xc2HKAU">independent financial advisers</a> (IFAs) are legally obliged to follow <a href="/facts/Retail_Distribution_Review/Nj1GjuCE">Retail Distribution Review</a> (RDR) rules.<a class="footnote-ref" id="fnref:29" href="#fn:29">29</a><a class="footnote-ref" id="fnref:30" href="#fn:30">30</a> In order to be classed as an IFA, a business must offer a broad range of retail investment products and give consumers unbiased and unrestricted advice based on comprehensive and fair <a href="/facts/Market_analysis/vKu8mn6H">market analysis</a>.<a class="footnote-ref" id="fnref:31" href="#fn:31">31</a>: 109 

<h3>Cryptoasset Service Providers</h3>
FCA serves as the anti-money laundering and counter-terrorist financing (AML/CTF) supervisor for cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs). Any firm intending to carry out cryptoasset activities within the UK must register with the FCA prior to commencing operations. Failure to register or comply with the MLRs can result in enforcement actions, including potential criminal and civil penalties.<a class="footnote-ref" id="fnref:32" href="#fn:32">32</a>

<h2 id="financial-regulators-complaints-commissioner">Financial Regulators Complaints Commissioner</h2>
The Financial Regulators Complaints Commissioner (FRCC) serves as an independent body that handles complaints specifically against the Financial Conduct Authority (FCA). This means that if individuals or organizations are dissatisfied with the way the FCA has handled a situation, made a decision, or conducted its duties, they can escalate their complaint to the FRCC for an impartial assessment.<a class="footnote-ref" id="fnref:33" href="#fn:33">33</a>
The FRCC provides a mechanism for individuals and entities to seek redress if they believe the FCA has acted improperly or unfairly. The body examines the complaint independently of the FCA, reviewing the evidence and determining whether the FCA acted reasonably and fairly in the circumstances.<a class="footnote-ref" id="fnref:34" href="#fn:34">34</a>
The FRCC's remit in relation to the FCA includes complaints about a wide range of issues related to the FCA's regulatory functions, such as:

<ul><li>How the FCA handled a specific case or investigation</li>
<li>Delays or inefficiencies in the FCA's processes</li>
<li>The conduct or professionalism of FCA staff</li>
<li>The FCA's policies or procedures.</li></ul>
<h2 id="wealthtek-case">WealthTek case</h2>
In April 2023, the FCA took action against WealthTek Limited Liability Partnership, a wealth management firm, due to serious regulatory and operational issues. The FCA ordered WealthTek to cease operations and appointed Joint Special Administrators from <a href="/facts/BDO_LLP/nCkh5786">BDO LLP</a>. The regulator identified potential regulatory breaches concerning client money and custody assets, as well as potential criminal offences of <a href="/facts/Fraud/VyU68aBy">fraud</a> and <a href="/facts/Money_laundering/98Gw3mgx">money laundering</a>. The FCA's investigation revealed a potential shortfall of £81.4 million in client assets and money associated with WealthTek. As part of its actions, the FCA obtained a worldwide order to freeze assets belonging to John Dance, WealthTek's principal partner, up to the value of £40 million. In December 2024, the FCA charged Dance with multiple offences related to WealthTek, including fraud, money laundering, and making false representations about the firm's regulatory permissions. The charges allege that Dance misappropriated approximately £64 million of client funds between January 2020 and April 2023.<a class="footnote-ref" id="fnref:35" href="#fn:35">35</a><a class="footnote-ref" id="fnref:36" href="#fn:36">36</a>

<h2 id="leadership">Leadership</h2>
<h3>Chief executive</h3>
In February 2011, it was confirmed that the new head of the FCA would be <a href="/facts/Martin_Wheatley/18ALTUjm">Martin Wheatley</a>, formerly chairman of Hong Kong's <a href="/facts/Securities_and_Futures_Commission/u8DnMdKB">Securities and Futures Commission</a>.<a class="footnote-ref" id="fnref:37" href="#fn:37">37</a><a class="footnote-ref" id="fnref:38" href="#fn:38">38</a> However, Wheatley's appointment was not put in front of the <a href="/facts/Treasury_Select_Committee/Q9SDvsqa">Treasury Select Committee</a> for a pre-appointment hearing. Instead, the Government stated it would put Wheatley and future chief executives forward for a pre-commencement hearing, i.e. after they had been formally appointed but before they began the role.<a class="footnote-ref" id="fnref:39" href="#fn:39">39</a>
In July 2015, Wheatley resigned his post after he was criticised by the chancellor, <a href="/facts/George_Osborne/Cyy8R9He">George Osborne</a>.<a class="footnote-ref" id="fnref:40" href="#fn:40">40</a> In September 2015, <a href="/facts/Tracey_McDermott/tgtgoXXJ">Tracey McDermott</a> took over from Wheatley as acting chief executive.<a class="footnote-ref" id="fnref:41" href="#fn:41">41</a>
<a href="/facts/Andrew_Bailey_(banker)/njdM2kUc">Andrew Bailey</a> was appointed chief executive in January 2016.<a class="footnote-ref" id="fnref:42" href="#fn:42">42</a> After Bailey became <a href="/facts/Governor_of_the_Bank_of_England/dcBBnsTJ">Governor of the Bank of England</a>, it was announced that Christopher Woolard would be the interim chief executive. In June 2020, it was announced that Woolard would be succeeded on a permanent basis by <a href="/facts/Nikhil_Rathi/dWzAognm">Nikhil Rathi</a>.<a class="footnote-ref" id="fnref:43" href="#fn:43">43</a> In April 2025, Rathi was reappointed for a second five-year term, through 2030.<a class="footnote-ref" id="fnref:44" href="#fn:44">44</a>

<h3>List of chief executives</h3>
<table><tbody><tr><th>#</th><th>Name</th><th>Tenure</th><th>Tenure start</th><th>Tenure end</th><th>Tenure length</th></tr><tr><td>1</td><td><a href="/facts/Martin_Wheatley/18ALTUjm">Martin Wheatley</a></td><td>2013–2015</td><td>1 April 2013</td><td>11 September 2015</td><td>2 years and 164 days</td></tr><tr><td>–</td><td><a href="/facts/Tracey_McDermott/tgtgoXXJ">Tracey McDermott</a> (interim)</td><td>2015–2016</td><td>12 September 2015</td><td>30 June 2016</td><td>293 days</td></tr><tr><td>2</td><td><a href="/facts/Andrew_Bailey_(banker)/njdM2kUc">Andrew Bailey</a></td><td>2016–2020</td><td>1 July 2016</td><td>15 March 2020</td><td>3 years and 259 days</td></tr><tr><td>–</td><td>Christopher Woolard (interim)</td><td>2020</td><td>16 March 2020</td><td>30 September 2020</td><td>199 days</td></tr><tr><td>3</td><td><a href="/facts/Nikhil_Rathi/dWzAognm">Nikhil Rathi</a></td><td>2020–</td><td>1 October 2020</td><td>Incumbent</td><td>4 years and 236 days</td></tr></tbody></table>
<h3>Chair</h3>
In June 2012, it was confirmed that <a href="/facts/John_Griffith-Jones/2FBhJeEU">John Griffith-Jones</a> would become the non executive chair of the FCA once the FSA ceased operations in 2013.<a class="footnote-ref" id="fnref:45" href="#fn:45">45</a><a class="footnote-ref" id="fnref:46" href="#fn:46">46</a><a class="footnote-ref" id="fnref:47" href="#fn:47">47</a> Griffith-Jones joined the FSA board in September 2012, as a non executive director and deputy chair.<a class="footnote-ref" id="fnref:48" href="#fn:48">48</a><a class="footnote-ref" id="fnref:49" href="#fn:49">49</a>
<a href="/facts/Charles_Randell/QAsbSMPt">Charles Randell</a> became chair of the FCA and PSR in April 2018. In October 2021, he resigned from this position and was scheduled to leave the post in Spring 2022.<a class="footnote-ref" id="fnref:50" href="#fn:50">50</a>
In February 2022, Richard Lloyd was named to begin serving as interim FCA chair from June 2022.<a class="footnote-ref" id="fnref:51" href="#fn:51">51</a>

<h4>List of chairs</h4>
<table><tbody><tr><th>#</th><th>Name</th><th>Tenure</th></tr><tr><td>1</td><td><a href="/facts/John_Griffith-Jones/2FBhJeEU">John Griffith-Jones</a></td><td>2013–2018</td></tr><tr><td>2</td><td><a href="/facts/Charles_Randell/QAsbSMPt">Charles Randell</a></td><td>2018–2022</td></tr><tr><td>–</td><td>Richard Lloyd (interim)</td><td>2022–2023</td></tr><tr><td>3</td><td>Ashley Alder</td><td>2023–</td></tr></tbody></table>
<h2 id="criticism">Criticism</h2>
In June 2013, the Financial Conduct Authority was criticised by the <a href="/facts/Banking_Standards_Board/BYgUSPwM">Parliamentary Commission on Banking Standards</a> in their report "Changing Banking for Good", which stated:

<blockquote>The interest rate swap scandal has cost small businesses dear. Many had no concept of the instrument they were being pressured to buy. This applies to embedded swaps as much as standalone products. The response by the FSA and FCA has been inadequate. If, as they claim, the regulators do not have the power to deal with these abuses, then it is for the Government and Parliament to ensure that the regulators have the powers they need to enable restitution to be made for this egregious mis-selling.—"Changing Banking for Good: Report of the Parliamentary Commission on Banking Standards", <a href="/facts/House_of_Lords/ycQphmgj">House of Lords</a>, <a href="/facts/House_of_Commons/D7fJpmYv">House of Commons</a><a class="footnote-ref" id="fnref:52" href="#fn:52">52</a></blockquote>
The FCA was rebuked by the Treasury Select Committee for lack of concern over the increase in mortgage interest rates of the <a href="/facts/Bank_of_Ireland/lFVVRzNs">Bank of Ireland</a>'s subsidiary of the United Kingdom.<a class="footnote-ref" id="fnref:53" href="#fn:53">53</a><a class="footnote-ref" id="fnref:54" href="#fn:54">54</a>
There had been calls for the resignation of chairman John Griffith-Jones because of his responsibility for auditing HBOS as chairman of KPMG at the time of the <a href="/facts/2008_financial_crisis/qw8n1pSN">2008 financial crisis</a>.<a class="footnote-ref" id="fnref:55" href="#fn:55">55</a> There has also been criticism of Chief Executive <a href="/facts/Martin_Wheatley/18ALTUjm">Martin Wheatley</a> because of his responsibility for the minibond fiasco in Hong Kong.
On 10 December 2014, the FCA released a report from Simon Davis from <a href="/facts/Clifford_Chance/2pLdzVCo">Clifford Chance LLP</a> inquiring into the events of 27/28 March 2014 relating to the press briefing of information in the FCA's 2014/15 Business Plan.<a class="footnote-ref" id="fnref:56" href="#fn:56">56</a>: 10–12 
The report recommended:

<ul><li>That there be substantial improvement in the procedures relating to the identification, control and release of price-sensitive information,</li>
<li>That the final version of the FCA's Business Plan should only be made available publicly to all market participants at the same time,</li>
<li>That the relevant review team address the issue of price-sensitive information in any assessment of a potential thematic review, and</li>
<li>That the FCA urgently put in place price and volume monitoring procedures, combined with an action plan for the effective management of the FCA's reaction to any issues involving the uncontrolled release of price-sensitive information originating from or involving the FCA.</li></ul>
On 16 December 2014, the Treasury select committee commenced taking evidence on the press briefing. Shortly thereafter, committee chair Andrew Tyrie said it looked as if the FCA had been guilty of an "extraordinary blunder" and had created a "disorderly market" through its actions.<a class="footnote-ref" id="fnref:57" href="#fn:57">57</a>

A 2024 report by the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services, based on evidence from fraud victims, whistleblowers, and former FCA staff, heavily criticized the FCA, labelling it:<blockquote>"incompetent at best, dishonest at worst."<a class="footnote-ref" id="fnref:58" href="#fn:58">58</a></blockquote>The report, compiled after a series of financial scandals where the FCA was accused of inaction, found "very significant shortcomings" in the regulator. It details "tragic tales of regulatory failure" and highlights a "profoundly defective" culture and leadership within the FCA, where whistleblowers are poorly treated, and challenges to the "official line" are met with bullying. The APPG concluded that the FCA's actions are slow and inadequate, and its leaders are opaque and unaccountable, despite the critical need for effective consumer protection given the scale of financial crime in the UK. The report suggests reforms including a supervisory council, funding changes, removal of civil liability immunity, and potentially a new leadership team, even hinting at a more radical overhaul of financial regulation if improvements are not seen.<a class="footnote-ref" id="fnref:59" href="#fn:59">59</a>
The same All-Party Parliamentary Group released in 2025 a supplementary report criticizing the FCA's consumer protection performance. This follows the APPG's disappointment with the FCA's response to its November 2024 report. The second report accuses the FCA of failing to engage with the APPG's concerns, dismissing criticisms as historic, and making unsubstantiated claims about stakeholder satisfaction.<a class="footnote-ref" id="fnref:60" href="#fn:60">60</a>

<h2 id="see-also">See also</h2>
<ul>
<li>Banks portal</li></ul>
<ul><li><a href="/facts/FCA_Controlled_Functions/zxWPKKCq">FCA Controlled Functions</a></li>
<li><a href="/facts/Financial_Policy_Committee/zPVBIGlj">Financial Policy Committee</a></li>
<li><a href="/facts/Financial_Services_Authority/Nj1GjuCE">Financial Services Authority</a></li>
<li><a href="/facts/Fraud_Advisory_Panel/5vwat2Gg">Fraud Advisory Panel</a></li>
<li><a href="/facts/Prudential_Regulation_Authority_(United_Kingdom)/M2nTHIXC">Prudential Regulation Authority</a></li>
<li><a href="/facts/List_of_financial_regulatory_authorities_by_jurisdiction/e3dLQA5S">List of financial regulatory authorities by jurisdiction</a></li></ul>

<h2 id="external-links">External links</h2>
<ul><li><a href="https://www.fca.org.uk/">FCA official website</a></li></ul>

<h2 id="references">References</h2>

<ol>
<li id="fn:1">Goldsworth, J., Lexicon of Trust & Foundation Practice (Wendens Ambo: Mulberry House Press, 2016), p. 140. <a href="/wiki/Wendens_Ambo" target="_blank">/wiki/Wendens_Ambo</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></li>
<li id="fn:2">Vina, Gonzalo. "U.K. Scraps FSA in Biggest Bank Regulation Overhaul Since 1997". Businessweek. Bloomberg. Archived from the original on 19 June 2010. Retrieved 16 June 2010.[dead link] <a href="https://web.archive.org/web/20100619071356/http://www.businessweek.com/news/2010-06-17/u-k-scraps-fsa-reversing-system-set-up-by-brown-update2-.html" target="_blank">https://web.archive.org/web/20100619071356/http://www.businessweek.com/news/2010-06-17/u-k-scraps-fsa-reversing-system-set-up-by-brown-update2-.html</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></li>
<li id="fn:3">"Financial Services Bill receives Royal Assent". HM Treasury. 19 December 2012. Archived from the original on 23 December 2012. Retrieved 4 January 2013. <a href="https://web.archive.org/web/20121223081428/http://www.hm-treasury.gov.uk/press_126_12.htm" target="_blank">https://web.archive.org/web/20121223081428/http://www.hm-treasury.gov.uk/press_126_12.htm</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></li>
<li id="fn:4">"Financial Services Bill receives Royal Assent". HM Treasury. 19 December 2012. Archived from the original on 23 December 2012. Retrieved 4 January 2013. <a href="https://web.archive.org/web/20121223081428/http://www.hm-treasury.gov.uk/press_126_12.htm" target="_blank">https://web.archive.org/web/20121223081428/http://www.hm-treasury.gov.uk/press_126_12.htm</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></li>
<li id="fn:5">Burrows, A., ed., English Private Law, (Oxford: Oxford University Press, ³2013), p. 802. <a href="/wiki/Andrew_Burrows,_Lord_Burrows" target="_blank">/wiki/Andrew_Burrows,_Lord_Burrows</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></li>
<li id="fn:6">"PS15/19: Improving complaints handling, feedback on CP14/30 and final rules". FCA. 23 July 2015. Archived from the original on 2 August 2015. Chapter 3 <a href="https://www.fca.org.uk/news/ps15-19-improving-complaints-handling" target="_blank">https://www.fca.org.uk/news/ps15-19-improving-complaints-handling</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></li>
<li id="fn:7">"GEN 7.2 Call charges". FCA. 26 October 2015. Archived from the original on 25 November 2017. <a href="https://www.handbook.fca.org.uk/handbook/GEN/7/2.html?timeline=true" target="_blank">https://www.handbook.fca.org.uk/handbook/GEN/7/2.html?timeline=true</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></li>
<li id="fn:8">"DISP 1.3 Complaints handling rules". FCA. 26 October 2015. Archived from the original on 25 November 2017. <a href="https://www.handbook.fca.org.uk/handbook/DISP/1/3.html?timeline=true" target="_blank">https://www.handbook.fca.org.uk/handbook/DISP/1/3.html?timeline=true</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></li>
<li id="fn:9">"Strong Customer Authentication". FCA. 2 September 2019. Archived from the original on 4 February 2025. Retrieved 23 June 2020. <a href="https://www.fca.org.uk/firms/strong-customer-authentication" target="_blank">https://www.fca.org.uk/firms/strong-customer-authentication</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></li>
<li id="fn:10">"FCA overhauls listing rules to boost growth and innovation on UK stock markets". 11 July 2024. Archived from the original on 11 July 2024. Retrieved 11 July 2024. <a href="https://www.fca.org.uk/news/press-releases/fca-overhauls-listing-rules-boost-growth-and-innovation-uk-stock-markets" target="_blank">https://www.fca.org.uk/news/press-releases/fca-overhauls-listing-rules-boost-growth-and-innovation-uk-stock-markets</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></li>
<li id="fn:11">"Financial Services (Banking Reform) Act 2013". Legislation.gov.uk. Archived from the original on 19 July 2018. Retrieved 20 May 2022. <a href="https://www.legislation.gov.uk/ukpga/2013/33/section/40/enacted" target="_blank">https://www.legislation.gov.uk/ukpga/2013/33/section/40/enacted</a> <a href="#fnref:11" class="footnote-back-ref">↩</a></li>
<li id="fn:12">"Market review into the supply of indirect access to payment systems" (PDF). Payment Systems Regulator. Archived (PDF) from the original on 17 September 2021. Retrieved 20 May 2022. <a href="https://www.psr.org.uk/media/k2njemx3/mr1512-indirect-access-market-review-interim-report.pdf" target="_blank">https://www.psr.org.uk/media/k2njemx3/mr1512-indirect-access-market-review-interim-report.pdf</a> <a href="#fnref:12" class="footnote-back-ref">↩</a></li>
<li id="fn:13">"Background to the PSR". Payment Systems Regulator. Archived from the original on 4 March 2021. Retrieved 20 May 2022. <a href="https://www.psr.org.uk/about-us/background-to-the-psr/" target="_blank">https://www.psr.org.uk/about-us/background-to-the-psr/</a> <a href="#fnref:13" class="footnote-back-ref">↩</a></li>
<li id="fn:14">"Consumer protection standards for APP scams". The Lending Standards Board (LSB). Archived from the original on 28 July 2021. Retrieved 24 April 2023. <a href="https://www.lendingstandardsboard.org.uk/crm-code/" target="_blank">https://www.lendingstandardsboard.org.uk/crm-code/</a> <a href="#fnref:14" class="footnote-back-ref">↩</a></li>
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</ol>

Financial Conduct Authority open-in-new

Financial Conduct Authority