UK Financial Regulatory Agencies

The UK financial system is overseen by three primary independent regulators (all accountable to Parliament via the Treasury Committee):

1. Financial Conduct Authority (FCA) – Conduct regulation: consumer protection, market integrity, competition; supervises ~50,000 firms.
2. Prudential Regulation Authority (PRA) – Prudential regulation: safety/soundness of banks, insurers, investment firms; part of Bank of England.
3. Payment Systems Regulator (PSR) – Regulates payment systems (e.g., Bacs, Faster Payments, Visa, Mastercard) for competition, innovation, user interests.

Additional bodies: Bank of England (monetary policy, financial stability), Financial Ombudsman Service (dispute resolution), Pensions Regulator, Money and Pensions Service.