The Financial Conduct Authority (FCA) acts as the regulator in the UK. This institution monitors and regulates the activities of financial institutions. The FCA runs companies that directly finance the body itself. This group includes brokers of the world famous Forex market. The Financial Control and Regulation Department is assigned responsibilities not only to control the work of brokers, but also to ensure the complete safety of clients and protect their rights and interests.
Only if all of the above regulatory requirements are met is a broker eligible for an FCA license. Otherwise, no license is issued.
To acquire a license, you also need to have capital, the amount of which must be from 1 million pounds sterling and above. The number of traders working on the platform is also taken into account, as well as the available deposits.
The Financial Conduct Authority works with the Bank of England (BOE) and the Prudential Regulatory Authority (PRA).
Brokers controlled by the FCA are required to comply with all regulated rules. Their direct responsibility is to create separate accounts for clients as well as legal entities.
The company is licensed by the FCA, therefore, it is the guarantor of safety and quality for its customers. The company creates all the necessary conditions for the work of clients and gives them certain advantages.