Who needs to be FCA regulated? (2024)

1. Accountancy

2. Banking & Finance

1. Credit Institutions

2. Crytpo

1. Funeral Plan Providers

   (as of July 2022)

2. Gambling

1. Insurance

2. Investment

1. Legal

2. Mortgage Lenders

The FCA requires all of the listed industries to be regulated before they start trading as a business in the relevant market. Not only do they regulate these industries, but supervise firms regularly to ensure there is no foul play, which can lead to enforcement of fines, and possible cease of trading.

It can often be up to 6 months before firms become regulated due to it being a detailed process, but once a firm is regulated, they are required to adhere to the rules set out by the FCA.

The rules (as outlined by the FCA) are as follows:

1. You must act with integrity
2. You must act with due skill, care and diligence
3. You must be open and cooperative with the FCA, the PRA and other regulators
4. You must pay due regard to the interests of customers and treat them fairly

As of 29th July 2022, all funeral plan providers and intermediaries who are not already, will be required to be regulated by the FCA.

Being FCA regulated is often seen as the gold standard for financial regulation and will always be outlined on a regulated businesses website. You can see whether a business is FCA regulated by visiting their website here.