Jurisdiction(s):
United Kingdom

Key definition

FCA definition

What does FCA mean? In legal practice, FCA means the UK financial conduct authority, the conduct regulator for most financial services firms and markets. It sets and enforces conduct standards (including the Consumer Duty), authorises firms and individuals, and oversees markets so they function well for consumers and market integrity. Created by the Financial Services Act 2012 and exercising powers under the Financial Services and Markets Act 2000 (FSMA), the FCA replaced the FSA in 2013. It makes rules in the FCA Handbook, polices financial promotions (FSMA s.21), supervises firms, and uses extensive enforcement powers. The FCA is the UK competent authority...

Assessing Suitability in Retail Investment Advice: FCA and FSA Guidance on Risk Profiling, CIPs, Replacement Business, FAMR Streamlined Advice and Firms’ Ongoing Obligations (2011–2020)

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Practice notes

This Practice Note

This Practice Note summarises key elements of important publications issued by the Financial Conduct Authority (FCA) and, previously, the Financial Services Authority (FSA) since March 2011 on the advice process. The FCA has also created a web page that gathers, in one place, core material on the advice process and assessing suitability, which should serve as a central reference point.

In particular, it covers:

FSA-finalised guidance FSA FG11/5 on assessing suitability—determining the level of risk a customer is prepared to accept and making appropriate investment choices (the March 2011 Guidance)
FSA-finalised guidance on assessing suitability—replacement business and centralised investment decisions (the July 2012 Guidance)
FCA thematic review report for wealth management firms and private banks—suitability of investment portfolios (the December 2015 Report)
FCA thematic review report on assessing suitability—research and due diligence of products and services (the February 2016 Report)
FCA-finalised guidance on streamlined advice and consolidated guidance (the 2017 Guidance)

This Practice Note also considers the FCA’s ‘Assessing Suitability Review’ undertaken in May 2017. It will be useful for firms seeking to ensure they are complying with their suitability obligations...

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Web page updated on 21/05/2026

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