What Powers Does the Financial Conduct Authority Have?
Since the global financial crisis of 2008, financial organisations large and small have faced huge regulatory pressure and ongoing scrutiny based on the enforcement of one major organisation, the Financial Conduct Authority (FCA). With many high-profile financial organisations having been fined by the Financial Conduct Authority, it is in organisations’ best interests to conform to the enforcement actions of the FCA.
Who are the FCA?
The FCA is responsible for ensuring the proper conduct of all firms authorised under the Financial Services and Markets Act 2000 (FSMA). The FCA regulates the conduct of nearly 45,000 businesses in the UK to ensure that financial markets work well.
Under the FSMA, they regulate the conduct of wholesale and retail financial markets, are responsible for the regulation of firms not regulated by the Prudential Regulation Authority (PRA), and supervise the trading infrastructure that is the foundation of wholesale and retail financial markets.
e American XL Bully Dog will be banned, along with four other breeds: Pit Bull Terrier, Japanese Tosa, Dogo Argentino, and the Fila Brasileiro.
What Powers Do the FCA Have?
The FCA’s powers to enforce and regulate financial services include:
Authorisation
The FCA authorises and regulates the conduct of financial services firms, ensuring they meet the required standards before operating in the UK market. Prior to operating in the UK, investment firms, consumer credit firms, and financial service providers are all required to gain authorisation from the FCA through an application.
Supervision
The FCA overlooks the activities of regulated firms to guarantee fair and honest conduct within the financial markets.
Enforcement
The FCA uses a combination of functions and powers to take civil, criminal, and disciplinary action against firms and individuals breaching its rules. These can include withdrawing a firm’s authorisation, issuing fines against those who breach FCA rules and commit market abuses, or prohibiting individuals from carrying on regulated activities.
Investigative Powers
The FCA has a number of investigative powers at its disposal, including:
- The power to require information and documents from firms.
- The power to gather information and to appoint an investigator who may focus on a particular aspect of the business, ownership, or control of a recognised investment exchange or an authorised person, or the nature, conduct, and state of the business.
- The power to require reports by “skilled persons,” where an individual or firm under investigation must provide a report, either prepared by a suitable person or the FCA can appoint one if necessary.
- The power to search and seize documents or information under Sections 176 and 122D of the Financial Services and Markets Act 2000 (FSMA).
What to Do if You Already Have an American XL Bully
If you are already in possession of an American XL Bully, it will be essential to apply for a certificate of exemption. Owners of exempted dogs must comply with specific conditions:
- Obtain a Certificate of Exemption, which you must show law enforcement or council members when requested (or within five days of the request).
- Keep your details up-to-date on the Index of Exempt Dogs, including changes in address or the death of your dog.
- Not breed your dog, sell it, give it away, rehome it, exchange it, allow dogs to stray, or abandon it.
As a dog owner, you will also need to be over the age of 16 and have third-party liability insurance, which is standard in the possibility that your dog may injure people. Your dog will also need to be microchipped, neutered, kept on a lead and muzzled in public spaces at all times, and kept in a secure location where they cannot escape.
Seek legal support for concerns regarding the FCA
The FCA exists to guarantee consumers are protected, the market retains integrity and promotes healthy competition within the financial services sector. If organisations inadvertently breach the rules and receive severe penalties, it is imperative to speak with an experienced financial solicitor as soon as possible.
If you believe you are under investigation or have been asked to cooperate with the FCA, our specialist solicitors can help you every step of the way.
