Jurisdiction(s):
United Kingdom

Related legal acts

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...

UK FCA appropriateness regime: COBS 10/10A scope, assessment, execution-only exceptions, post-Brexit updates, and financial promotion requirements for P2P, speculative illiquid securities, RMMIs and IBIPs

Published by a LexisNexis Financial Services expert

Practice notes

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Background to appropriateness requirements

The Financial Conduct Authority’s Rules on ‘appropriateness’ and the associated test, set out in COBS 10 and COBS 10A of the Conduct of Business sourcebook, were first brought in under the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID) to bolster investor protection in the non-advised market. The test’s purpose is to enable firms to judge whether clients possess sufficient knowledge and experience to grasp the risks inherent in a product sought or a service requested. That knowledge and experience must be evaluated in a way proportionate to:

the client in question
the service
the product

MiFID (Directive 2004/39/EC) was superseded by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II Directive) together with the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), collectively the MiFID II framework. Both the MiFID II Directive and MiFIR entered into force on 2 July 2014. As amended, most of the MiFID II framework has applied since 3 January 2018, and EU Member States had until 3 July 2017 to transpose the provisions of MiFID II into national law...

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Web page updated on 21/05/2026

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