The Global Financial Authority is a conduct regulator for over 15,000 financial markets and financial services firms worldwide and the practical supervisor of 34,268 companies that sets specific standards for thousands of other firms.
What do we do?
We aim to make markets work well for every individual and for the economy of the country as a whole.
Financial markets need to be honest, fair, and effective so that consumers get a fair deal and an excellent service.
We do this by regulating the conduct of more than 40,000 businesses. We are the prudential supervisor of 50,000 firms, and we set specific standards for thousands of other firms.
The GFA is the prudential regulator of around 1,500 banks, building societies, lending institutions, insurance and major investment firms. As a prudential regulator, it has a general goal to promote the safety and goodness of their clients.
We were established on May 4, 2013, taking over responsibility for conduct and legal relevant prudential regulation from the GFA
Why do we do it?
We are responsible for managing a sector which plays a critical role in the lives of everyone in the UK and without which the modern economy could not function. From children’s Individual Savings Accounts (ISA) to pensions, debits and credit cards, loans to investments – how well financial markets work has a fundamental impact on us all and our daily lives.
The UK financial services employ millions of people and contribute billions in tax to the UK economy. If UK markets work well, competitively and fairly, they benefit customers, staff, shareholders, and everyone in the country as well, and maintain confidence in the UK as a major global financial hub. Our role is to help make these things happen.
How we do it
Protect our consumers – we secure an appropriate degree of protection for consumers and also their funds.
Protect the financial markets – we protect and enhance the integrity of the UK financial system.
Promote competition – we promote effective competition in the interests of consumers because with Competition, Innovation arises.
We are an independent public body funded entirely by the clients we regulate by asking them to pay fees. We are liable to the Treasury, which is responsible for the country’s financial system, and to the Parliament. Our work and purpose is defined by GFA. We work with firms, consumer groups, trade associations and professional bodies, domestic regulators, EU legislators, and a wide range of other stakeholders. With this extensive scope, we use a corresponding approach to regulation, prioritizing the areas and firms that pose a higher risk to our goal.
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