Short answers, pulled from the story.
The Financial Conduct Authority began operations on the 1st of April 2013 following the implementation of the Financial Services Act 2012. This legislation abolished the previous Financial Services Authority and created a new regulatory framework for financial services in the United Kingdom.
Nikhil Rathi serves as the chief executive of the Financial Conduct Authority after being appointed permanently in June 2020. He was reappointed for a second five-year term in April 2025 that extends until 2030.
In April 2023, the Financial Conduct Authority ordered WealthTek Limited Liability Partnership to cease operations immediately due to serious regulatory issues. The investigation revealed a potential shortfall of £81.4 million in client assets leading to the appointment of Joint Special Administrators from BDO LLP.
A 2024 report by the All-Party Parliamentary Group on Investment Fraud labelled the regulator incompetent at best or dishonest at worst due to significant shortcomings in performance. The report details tragic tales of regulatory failure and highlights a profoundly defective culture within the organization where whistleblowers are poorly treated.
The Financial Conduct Authority is responsible for registering new mutual societies and keeping public records for more than 10,000 mutual societies in the United Kingdom. They receive annual returns from these organizations to ensure compliance with regulatory standards.