Financial Conduct Authority
The Financial Conduct Authority (FCA),[1] previously known as the Consumer Protection and Markets Authority (CPMA), is a future agency of the Government of the United Kingdom, formed as one of the successors to the Financial Services Authority.[2] The agency will regulate financial firms providing services to consumers and maintain the integrity of the U.K.’s financial markets.[2] It will focus on the regulation of conduct by both retail and wholesale financial services firms.[3]
In early 2011, it was confirmed that the new head of the FCA will be Martin Wheatley, formerly chairman of Hong Kong's Securities and Futures Commission.[4]
The original name of Consumer Protection and Markets Authority (CPMA) was changed after the Treasury Select Committee pressured the government by pointing out that this name could mislead consumers.
[edit] See also
[edit] References
- ^ http://www.ft.com/cms/s/0/e1fe4e30-3a11-11e0-a441-00144feabdc0.html
- ^ a b Vina, Gonzalo. "U.K. Scraps FSA in Biggest Bank Regulation Overhaul Since 1997". Businessweek (Bloomberg). http://www.businessweek.com/news/2010-06-16/u-k-scraps-fsa-in-biggest-bank-regulation-overhaul-since-1997.html. Retrieved 16 June 2010.
- ^ "Reform and regulation". HM Treasury. 17 June 2010. http://www.hm-treasury.gov.uk/reform_and_regulation.htm. Retrieved 17 June 2010.
- ^ "Wheatley to head new UK consumer regulator", The Financial Times, 2011-02-02, http://www.ft.com/cms/s/0/c3a14ee0-2eba-11e0-9877-00144feabdc0.html#axzz1Co2YN68v, retrieved 2010-02-02
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