The Financial Conduct Authority and the Prudential Regulation Authority
The Financial Services Authority was abolished from 1 April 2013 and Two authorities now share the task of ensuring that those who use financial services, including banking, insurance and saving, and financial advisers, can do so knowing that the companies they are using do business in a proper way. These are the Financial conduct Authority (FCA) and the Prudential Regulatory Authority (PRA)
The Financial Conduct Authority
The Financial Conduct Authority (FCA) oversees the conduct of individuals and companies who provide financial services. If you have a personal pension or stakeholder pension, or have used your pension pot to buy an income, your provider is likely to be overseen by the FCA. If you want financial advice, your financial adviser should be authorised by the FCA.
If your financial services firm or individual adviser is authorised by the FCA, other forms of protection are available for you to use should concerns arise. Such organisations are the Financial Ombudsman Service and the Financial Services Compensation Scheme.
The FCA keeps a register of the firms and individuals it regulates. You can check it on their website - www.fca.org.uk
The Prudential Regulation Authority
The Prudential Regulation Authority (PRA) is responsible for making sure that companies offering financial services, including banks, insurance companies and major investment firms are run properly, and that people using their services have some protection against loss if the company or individual goes out of business.
Where can I find out more?
If you need more information, please contact us. A pension specialist from our team will be happy to help with whatever pensions-related question you have. Our help is always free.