Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Financial Conduct Authority definition

What does Financial Conduct Authority mean? The Financial conduct authority (fca) is the UK’s statutory conduct regulator for financial services and markets. In legal practice it is central to FCA authorisation and permissions, compliance with the FCA Handbook (including the Principles for Businesses, SM&CR and the consumer Duty), market conduct obligations and enforcement risk. Established by amendments to the Financial Services and Markets Act 2000 (FSMA) made by the Financial Services Act 2012, the FCA replaced the Financial Services Authority in April 2013. It makes rules, supervises firms, and investigates and enforces breaches. The FCA is the conduct regulator for all authorised firms...

FCA requirements under FSMA 2000: imposing, varying and cancelling; Part 4A permissions, OIREQ, firm applications, PRA consultation, threshold conditions and 2025 updates

Published by a LexisNexis Financial Services expert

Practice notes

This Practice Note looks at the powers of the Financial Conduct Authority (FCA) to impose and vary Requirements

This Practice Note explores the FCA’s Authority to set and adjust requirements applicable to firms. For guidance on the cancellation of requirements, see Practice Note: Financial Conduct Authority—cancelling permission and requirements. A ‘requirement’ is a condition placed on an authorised person by the regulator where that person has made an application for:

Part 4A permission, or
the variation of a Part 4A permission.

Such a requirement takes effect on, or after, the giving or variation of the permission, as the FCA considers appropriate. The FCA may impose a requirement on a firm irrespective of whether the application for permission, or for a variation of permission, was submitted to the FCA itself or to the Prudential Regulation Authority (PRA). Examples include a requirement preventing a firm from taking on new customers, or one requiring it to retain assets so that future liabilities owed to consumers can be met. For guidance on obtaining authorisation, see Obtaining authorisation—overview; for guidance on variation of permission, see Practice Note: Financial Conduct Authority—varying permission; and for guidance on cancellation of permission, see Practice Note: Financial Conduct Authority—cancelling permission and requirements...

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Web page updated on 28/05/2026

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