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...

FCA inducements regime: COBS 2.3 and 2.3A–C for MiFID and IBIPs; post‑Brexit and FSMA 2023 changes; research unbundling, disclosure, record‑keeping, enforcement

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Practice notes

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Background to fca inducements requirements

This Practice Note sets out the financial conduct authority’s rules on inducements—such as fees, commission and non-monetary benefits—covering both the general ban and the circumstances where exemptions apply. The UK regime has long imposed detailed requirements on benefits connected to dealings in retail investment products. In the past, the FCA’s inducement standards were chiefly located in COBS 2.3 and implemented obligations arising from:

the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID)
the MiFID Implementing Directive (Commission Directive 2006/73/EC)
the fourth Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EU) (UCITS IV)
the UCITS IV Implementing Directive (Commission Directive 2010/43/EU)

MiFID has been replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II Directive) and the EU Markets in Financial Instruments Regulation (Regulation (EU) 600/2014, OJ L 173, 12.6.2014) (EU MiFIR). Together, these measures constitute the EU MiFID II framework, with both instruments entering into force on 2 July 2014...

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Web page updated on 21/05/2026

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