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Regulatory Compliance for Financial Services
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Two main bodies regulate Financial Services in the UK. Applying to the correct one and having the appropriate permissions to conduct your business is essential.
The first body is the Financial Conduct Authority (FCA). The FCA covers the conduct regulation of all financial services including:
- Investment advice
- Portfolio management
- Money services (remittance and electronically held)
The FCA also now regulates consumer credit services (including information on credit scoring).
The second body is the Prudential Regulation Authority (PRA). The focus of the PRA is the significant economic dependence on the prudential regulation of banks, building societies, credit unions, insurers and major investment firms. This is in addition to the regulation within the remit of the FCA.
We can advise you if there is regulation under which you should be governed. If needed we can help you make the appropriate applications to the FCA (and possibly the PRA), if required. Once registered we can help regularly review and maintain your position.