Under the Financial Services Act 2012, which body is responsible for regulating the market conduct of authorised firms?

The Financial Conduct Authority (FCA) is the body designated to oversee the market conduct of authorised firms under the Financial Services Act 2012. The FCA plays a crucial role in protecting consumers, enhancing market integrity, and promoting competition within financial markets. Its mandate includes ensuring that firms operate fairly and transparently, and it monitors their behaviors to prevent misconduct and protect consumer interests.

In this context, the Bank of England primarily focuses on monetary policy and financial stability rather than direct market conduct regulation. The Prudential Regulation Authority (PRA), on the other hand, concentrates on the prudential regulation of financial institutions, ensuring their safety and soundness, rather than their conduct in the market. Lastly, the Financial Ombudsman Service provides an avenue for consumers to resolve disputes with financial services firms but does not have regulatory authority over market conduct. Thus, the FCA is uniquely positioned as the regulator responsible for the conduct of authorised firms within the financial services sector.