The UK financial regulatory body has evolved from the previous regulator, the Financial Services Authority (UK) into two separate regulatory authorities; the Financial Conduct Authority (www.FCA.org.uk) and the Prudential Regulation Authority (www.bankofengland.co.uk).
Abshire-Smith was previously regulated by the FSA (UK), and is now regulated by the FCA. The company’s details can be located on the Financial Services Register.
What has happened to the Financial Services Authority (UK)?
The FSA’s regulatory powers of oversight for financial regulation have been divided between the Financial Conduct Authority and the Prudential Regulation Authority. The previous remit of the FSA is now overseen by these two new regulatory bodies.
The PRA is a subsidiary of the Bank of England and will be responsible for micro-prudential regulation.
The FCA is an independent supervision authority governed by a Board, appointed by the Treasury.
"Has the FSCS changed?"
The compensation scheme for consumers is still overseen by the Financial Services Compensation Scheme (www.FSCS.org.uk)
“Will anything change in the day-to-day running of Abshire-Smith?”
From a client’s perspective initially, there will be no difference in how we operate. Abshire-Smith will continue to operate as a regulated institution:
-Offering execution only access to the financial markets
-Client funds will remain in segregated client accounts, with UK banks
-Access to 3 leading trading platforms
“I’m a client of Abshire-Smith; do I need to do anything?”
The alterations are for the supervision of Abshire-Smith, as a client of ours, the changes will not affect your trading conditions.
Abshire-Smith have now updated the companies website and documentation to reflect the change in the name of the regulator.
If you have any questions or concerns regarding the evolution of the regulatory system in the UK to the Financial Conduct Authority, please feel free to contact us.