FPC meaning

'Twin peaks' regulatory structure The 2007–2008 financial crisis prompted a sweeping overhaul of the UK’s supervisory framework. The new model, effective from 1 April 2013, is widely referred to as ‘twin peaks’ regulation. Under this arrangement, responsibilities are divided between: Prudential oversight — undertaken by the Prudential Regulatory Authority (PRA) for insurers, banks, building societies, credit unions and systemically important investment firms. Conduct supervision — undertaken by the Financial Conduct Authority (FCA), which also carries out prudential regulation of investment firms that are not systemically important. The framework also encompasses the Bank of England (the Bank) and its Financial Policy Committee (FPC), and the Payment Systems Regulator (PSR), a subsidiary of the FCA that began operating in 2015. For a visual outline, see Practice Note: Regulatory structure diagram. For more on the UK regulators, see Overview: UK regulators—financial services—overview, and for how they interact with each other and non-UK regulators, see Practice Note: Interaction between the PRA, FCA and FPC...

In this issue: UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Financial crime and sanctions Consumer protection Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Dispute resolution for financial services lawyers Regulation of derivatives Sustainable finance and ESG Banks and mutuals UK MiFID II EU MiFID II Consumer credit Regulation of insurance Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies FCA publishes Handbook Notice No 135 The Financial Conduct Authority (FCA) has issued Handbook Notice No 134, outlining amendments to the FCA Handbook and related materials approved by the FCA board on 27 November 2025. See: LNB News 28/11/2025 48. ESMA sets out planned consultations for...

In this issue: UK, EU and international regulators and bodies Prudential requirements Risk management and controls Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals Investment funds and asset management Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Fintech and cryptoassets Regulation of AI in FS Dates for your diary New and updated content Financial Services Enforcement Database Daily and weekly news alerts LexTalk®Financial Services: a Lexis®Nexis community UK, EU and international regulators and bodies ESAs publish spring 2026 joint risk update The three European Supervisory Authorities—the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority—have released their Joint Committee spring 2026 update examining risks and vulnerabilities across the EU financial system....

In this issue: UK, EU and international regulators and bodies Regulated activities Authorisation, approval and supervision Prudential requirements Operational resilience Financial crime and sanctions Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II Consumer credit, mortgage and home finance Regulation of insurance Payment services and systems Regulation of AI in FS Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary UK, EU and international regulators and bodies Chancellor delivers first Mansion House speech Rachel Reeves, the chancellor of the exchequer, outlined proposals to pare back certain rules brought in after the 2008 financial crisis, aiming to channel more investment...

BREXIT: At 11pm (GMT) on 31 December 2020 (‘IP completion day’), the transition/implementation phase that followed the UK’s exit from the EU came formally to a close. From IP completion day onwards, principal transitional measures cease and notable alterations start to apply across the UK’s wider legal framework. This note offers clear guidance on areas affected by these developments. Before you proceed with your research, please consult: Brexit and financial services: materials on the post‑Brexit UK/EU regulatory regime. The PRA's powers The Financial Services Act 2012 (FSA 2012) obtained Royal Assent on 19 December 2012. Largely effective from 1 April 2013, it overhauled the UK’s regulatory architecture so that the Bank regained core aspects of its supervisory and oversight functions regarding prudential and capital standards for deposit-takers, larger, systemically important financial services firms, and insurance undertakings. The Bank carried out micro‑prudential supervision and rule‑making through its then subsidiary body, the Prudential Regulation Authority (PRA), and also via one of its committees, the Financial Policy Committee (FPC), which...

Why are the FCA's functions relevant? The Financial Conduct Authority (FCA) sits within the regulatory framework that commenced on 1 April 2013. The Financial Services Act 2012 (FSA 2012) amended the Financial Services and Markets Act 2000 (FSMA 2000) and created the FCA—together with the Prudential Regulation Authority (PRA) and the Financial Policy Committee (FPC)—and set out their objectives, functions and powers. The FCA has a broad mandate to: regulate conduct in retail and wholesale markets supervise the trading infrastructure behind those markets, and oversee prudential regulation of firms not prudentially regulated by the PRA What are the FCA's functions? The FCA has a single strategic objective: to ensure the relevant markets for financial services function well. This is supported by three operational objectives centred on consumer protection, the integrity of the UK financial system, and competition and international competitiveness and growth. For more on the FCA’s objectives and powers, and its corporate governance, structure and constitution, including changes introduced...

This Practice Note sets out how the Financial Conduct Authority (FCA), the Payment Systems Regulator (PSR), the Prudential Regulation Authority (PRA) and the Financial Policy Committee (FPC) interact and co-ordinate effectively. It also outlines the ways in which UK regulators engage with regulators and regulatory bodies beyond the UK, including the memorandum of understanding (MoU) on financial services between the EU and the UK. For guidance on each regulator, see: UK regulators—financial services—overview. UK regulatory structure The Financial Services Act 2012 (FSA 2012) revised existing financial services legislation, in particular the Financial Services and Markets Act 2000 (FSMA 2000), by abolishing the Financial Services Authority (FSA) and assigning the Bank of England (BoE) responsibility for financial stability, bringing together macro and micro prudential regulation...