The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the United Kingdom.

[6][7] On 26 October 2015 the FCA brought in rules banning regulated financial services firms from offering premium rate 084, 087 or 09 telephone numbers for customer contact.

These rules, effective from 29 July 2024, created a single listing category and streamlined eligibility criteria to encourage a wider range of companies to issue shares in the UK.

[12] In April 2015, the FCA created a separate entity, the Payment Systems Regulator (PSR), in accordance with section 40 of the Financial Services (Banking Reform) Act 2013.

[26] In July 2023, the FCA announced reforms aiming to curb the use of social media by 'finfluencers' to encourage the purchasing of harmful financial products by UK consumers.

Among the reforms was a ban on crypto incentives, such as 'refer a friend' bonuses, a compulsion for finfluencers to have clear risk warnings and for products to have a 24-hour cooling period to give first-time investors the time to adequately consider their investment decision.

The move came following a significant rise in social media promotion of financial products by finfluencers in 2022, with 14 times more having been posted than the previous year.

[30] Beginning December 31, 2012, independent financial advisers (IFAs) are legally obliged to follow Retail Distribution Review (RDR) rules.

[31][32] In order to be classed as an IFA, a business must offer a broad range of retail investment products and give consumers unbiased and unrestricted advice based on comprehensive and fair market analysis.

[33]: 109 In April 2023, the FCA took action against WealthTek Limited Liability Partnership, a wealth management firm, due to serious regulatory and operational issues.

As part of its actions, the FCA obtained a worldwide order to freeze assets belonging to John Dance, WealthTek's principal partner, up to the value of £40 million.

In December 2024, the FCA charged John Dance with multiple offenses related to WealthTek, including fraud, money laundering, and making false representations about the firm's regulatory permissions.

Shortly thereafter, committee chair Andrew Tyrie said it looked as if the FCA had been guilty of an "extraordinary blunder" and had created a "disorderly market" through its actions.