It is a Private limited company set up under the Companies Act, (although a non-departmental government body). It was regulated by the OFT and latterly by the Financial Conduct Authority.
The FCA is a body which regulates firms to ensure markets work well so that consumers get a fair deal . This is a body which is independent from the Government.
In the UK’s financial services industry, all activities which are regulated are covered by the general prohibition.This provides that no firm can carry out regulated activity without being authorised or exempt.
A firm which is not exempt must apply for permission to carry on in that market.
The FCA can monitor, regulate and, if required, intervene on behalf of consumers if there is wrongdoing.