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...

Claims management services in Great Britain: FCA-regulated activities under FSMA/RAO, sector permissions, exclusions, temporary permissions regime and the unavailability of the Part XX exemption

Published by a LexisNexis Financial Services expert

Practice notes

Background to the FCA regulation of claims management activities

In April 2007, the Ministry of Justice (MoJ) created the Claims Management Regulation Unit (CMRU) to oversee and directly regulate claims management companies (CMCs). Since that point, the government has grown increasingly concerned about widespread Misconduct within the claims management sector nationwide. In 2015, it commissioned the independent Brady Review to assess fully the nature and true scale of problems in the market and to propose practical improvements to regulation. The Review’s final report set out several detailed Recommendations aimed at strengthening authorisation, supervision and enforcement processes for the regulation of CMCs. It concluded that, in principle, the most suitable route would be a new, standalone independent regulator focused solely and specifically on CMC regulation. However, given the government’s drive to reduce the number of public and arm’s-length bodies at the time, and because creating an entirely new organisation would probably be costlier than other options, the Report observed that the most credible alternatives were to strengthen the existing MoJ-based regulator and to transfer responsibility to the Financial Conduct Authority (FCA). A decision was therefore taken to pass responsibility for regulating CMCs to the FCA and The Financial Guidance and Claims...

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Web page updated on 21/05/2026

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