What is one of the primary roles of the Financial Conduct Authority?

The primary role of the Financial Conduct Authority (FCA) is to protect businesses and consumers within the financial services sector. This involves ensuring that the financial markets operate with integrity, promoting competition to benefit consumers, and enforcing rules to safeguard against detrimental practices. The FCA aims to enhance consumer trust and confidence in the financial system, ensuring that consumers are treated fairly and that they have access to clear, honest information about financial products.

While encouraging financial innovation can indeed be a supportive function of the FCA, it is not its primary role. Options regarding overseeing tax collection and managing government debts are responsibilities typically belonging to the HM Revenue and Customs and the Treasury, respectively, and do not fall under the FCA's scope. Therefore, the emphasis on protection illustrates the FCA's overarching mission to create a secure and transparent financial environment for all stakeholders involved.