The FCA was established on April 1, 2013, taking over conduct regulation and some prudential regulation from the Financial Services Authority (FSA). Its role and objectives are set mainly by the Financial Services and Markets Act 2000 (FSMA), and it is accountable to the Treasury and to Parliament1. The Prudential Regulation Authority (PRA) is responsible for the prudential regulation and supervision of banks and similar firms1.

Under UK EMIR, the FCA registers and recognizes trade repositories, makes the technical standards that set the clearing thresholds, and supervises non-financial counterparties2. The authorization of central counterparties and the choice of the classes of derivatives subject to the clearing obligation belong to the Bank of England (BoE), not the FCA2.

Notes

  1. FCA, "About the FCA" (checked on October 5, 2026), "Our role" and "How we operate". ↩ ↩2

  2. The UK version of EMIR on legislation.gov.uk (checked on October 5, 2026), Article 10(4) and (5), Article 55, and Article 77 (the FCA's roles), and Article 5(2) and Article 22 (the BoE's roles). ↩ ↩2