What is Financial Conduct Authority (FCA) and what actually FCA do?

FCA start his operational activity from 1 April 2013 with the power to investigate organizations and individuals with responsibility for financial stability, bringing together macro and micro prudential regulation.It is able to specify minimum standards and to place requirements on products.

The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, but operates independently of the UK government and is financed by charging fees to members of the financial services industry.I.e they charge fees for registration.
Let suppose a company doing money transfer business ,he will register his agent under the umbrella of FCA.With out registration doing money transfer business is consider as illegal business in United Kingdom.
In United Kingdom it is very important for all money transfer companies to get registration from FCA. After getting registration from FCA a firm consider as a legal .FCA has authority to ban financial products/Money Transfer companies for up to a year if its violate any rule and regulations.

To whom FCA is reporting?

FCA is an independent financial regulator and accountable to the Treasury and, through it, to Parliament.
On yearly basis FCA submit his progress report to  the Treasury.

     1.How Treasury perform his work?

The Treasury appoints FCA Board of Directors, which  further manages senior executives.They helps FCA  to set direction as an organization.The Board also ensures to achieve value for money and oversees senior appointments.Treasury review all the progress of FCA and before submission  a report to Parliament.

     2. How Parliament perform his work?

After reeving FCA yearly progress report from Treasury, Parliament review FCA progress report and examine the performance against FCA statutory objectives.Parliament review how FCA dealt with major regulatory cases.

Parliament uses its committee process to scrutinies FCA work performance and Parliament also called FCA to appear before Parliament to explain what they did.


   3. If Parliament catch a regulatory Failure in FCA work?

If Parliament catch a regulatory Failure in FCA work ,they mention the same to Treasury .FCA must carry out an investigation and report to the Treasury on regulatory failure.

How A money transfer company register an Agent on FCA?

What FCA charged for agent registration?

what is the time limit for agent registration?