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Registering a business in Great Britain requires familiarity with the peculiarities of legislative norms of this country. We’ll try to shed some light on these two aspects & provide you with indepth insights into legal aspects of provision of financial services in Great Britain.

Regulators 

The two main regulators of financial services in Great Britain include FCA & PRA. Both of them are authorized to launch investigations & enforce disciplinary procedures against companies & persons that violate regulatory requirements.

FCA

Being authorized to launch investigations & collect data, FCA may use the collected information against violating firms. It can also:

  • request data & documentation
  • request authorized persons to provide information about a company
  • appoint investigators

Those planning on obtaining a financial services license in Great Britain should keep in mind that FCA may also impose financial sanctions.

Planning on undertaking financial activities in the UK? Sign up for an individual consultation with IQ Decision UK. We’ll let you know about FCA regulations & provide legal support for your business in the EU & Great Britain.

PRA

Just like FCA, PRA can regulate companies & individuals falling within the scope of its authority. FCA has the power to enforce laws but can only penalize UK-registered companies.

Enforcing Regulations

Both regulators have their own internal processes which are applicable in the context of law enforcement. Their decisions can be appealed with the Supreme Court.

Normally, they impose fines for violations, so business owners need to obtain a financial services license in Great Britain & abide by respective regulations.

Criminal cases instigated by both regulators are administered by properly authorised courts in three jurisdictions of Great Britain, namely Wales, Northern Ireland & England.

Need more information on the topic of the article? Contact IQ Decision UK & sign up for a individual consultation on financial regulation in the UK.