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<p>The Financial Conduct Authority (FCA) is an operationally independent non-governmental
body responsible for regulating and supervising the financial services industry. Although
the Treasury sets the legal framework for the regulation of financial services, the
FCA is responsible for developing and implementing rules, including relating to trading
names. Further information on the FCA’s approach is available on its website.</p><p>
</p><p>Through the Financial Services Act 2021, the government granted the FCA new
powers to remove permissions from firms when they are not carrying out the regulated
activities they are permitted to. The FCA has since undertaken a ‘use it or lose it’
exercise, removing firms’ permissions where they are not carrying out regulated activities.</p><p>
</p><p>This has seen the FCA carry out 1,090 assessments in 2021/22 and resulted in
264 firms applying to voluntarily cancel, and a further 47 to modify, their permission
to carry out regulated activities.</p><p> </p><p>Ministers regularly engage with the
FCA on a range of issues while recognising that the independence of the FCA is critical
to its functions.</p><p> </p>
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