Mission & Vision
We exist to protect the integrity of financial markets and the interests of those who use them.
The FMC is an independent public body based in the United Kingdom. We regulate the firms and intermediaries that offer investment, trading, and derivatives services to consumers and businesses across the country. Through licensing (authorisation), supervision, and enforcement, the Commission works to ensure that investors are treated honestly and that their money is handled with the care the law requires.
We are funded by the firms we regulate rather than by the taxpayer, and we are accountable to His Majesty's Treasury and to Parliament. Our headquarters are in Canary Wharf, London, with regional supervisory teams in Edinburgh and Manchester.
Our statutory objectives
Parliament has given the Commission four operational objectives that frame every decision we take:
- Consumer protection Consumer protection — securing an appropriate degree of protection for investors who deal with regulated firms.
- Market integrity Market integrity — protecting and enhancing the integrity, fairness, and orderly functioning of UK investment markets.
- Effective competition Effective competition — promoting competition in the interests of consumers where it does not compromise protection.
- Financial-crime resilience Financial-crime resilience — reducing the extent to which regulated firms can be used to further fraud, money laundering, or market abuse.
How we are funded & held to account
The FMC charges periodic fees and levies to the firms it authorises; it receives no direct funding from the public purse. Our annual budget is approved by the Board and scrutinised by HM Treasury. Each year we lay an Annual Report and audited accounts before Parliament, and our Chief Executive may be called to give evidence to the relevant select committees. An independent External Audit Committee reviews our financial controls.
Our Values
Six values guide the conduct of every commissioner, examiner, and member of staff:
Integrity
We act impartially and in the public interest, free from conflicts and undue influence.
Transparency
We publish our rules, data, and decisions so the public can hold markets accountable.
Protection
The safety of investor funds and fair treatment of customers guide every decision.
Responsiveness
We investigate complaints promptly and act decisively against misconduct.
Accountability
We hold ourselves and the firms we supervise to clear, enforceable standards.
Independence
We operate independently to make objective, evidence-based regulatory decisions.
What We Do
The Commission's work spans the full life-cycle of a regulated firm — from the day it applies for authorisation to the day it exits the market. Our core functions are:
- Authorise & register Authorise & register investment firms, brokers, portfolio managers, and advisers, granting permissions only to those that meet our threshold conditions before they may serve the public.
- Supervise Supervise ongoing conduct, capital adequacy, governance, and the strict segregation of client money in line with our Client Assets Sourcebook.
- Investigate & enforce Investigate & enforce against fraud, market manipulation, mis-selling, unauthorised business, and the misuse of investor money.
- Maintain a public register Maintain a public register so any consumer can verify a firm's status, permissions, and history in seconds.
- Educate Educate investors through the ScamSmart programme so they can recognise and avoid investment fraud.
- Publish Publish market data, supervisory statistics, and policy in the public interest.
- Co-operate Co-operate with UK partners — HM Treasury, the National Crime Agency, Action Fraud, Companies House, and the Information Commissioner's Office — and with overseas regulators.
Who we regulate
Commissioners & Leadership
The FMC is governed by a Board of Commissioners appointed by HM Treasury for their expertise in finance, law, economics, and consumer protection. Commissioners serve fixed terms of up to five years and must declare and manage any conflicts of interest. The Board sets strategy, approves the rulebook, and oversees major enforcement decisions; day-to-day leadership rests with the executive team.
Board of Commissioners
| Commissioner | Role | Background |
|---|---|---|
| Dame Helen R. Whitfield DBE | Chair | Former markets supervisor and non-executive director |
| Jonathan A. Pearce | Chief Executive & Deputy Chair | 30 years in investment supervision and policy |
| Dr Priya Nair | Commissioner — Markets & Economics | Financial economist and academic |
| Malcolm Fraser KC | Commissioner — Legal & Enforcement | Barrister specialising in financial crime |
| Sarah O'Donnell | Commissioner — Consumer Protection | Former chief executive of a consumer charity |
| David Olusegun | Commissioner — Prudential Supervision | Chartered accountant and risk specialist |
Executive leadership
Office of the Chief Executive
Runs the Commission and represents the FMC to government, industry, and the public.
Office of the General Counsel
Provides legal advice and represents the FMC before the Financial Markets Tribunal.
Office of the Chief Economist
Analyses markets, models risk, and informs evidence-based policy.
Executive Director, Supervision
Leads the risk-based supervision of all authorised firms.
Executive Director, Enforcement
Directs investigations, sanctions, and the recovery of investor funds.
Chief Operating Officer
Oversees technology, data, finance, and the Commission's people.
Governance & committees
The Board delegates specialist work to standing committees, each chaired by a Commissioner:
- Audit & Risk Committee Audit & Risk Committee — financial controls, internal audit, and operational risk.
- Regulatory Decisions Committee Regulatory Decisions Committee — an independent panel that takes contested enforcement and authorisation decisions.
- Consumer Panel Consumer Panel — an independent statutory voice representing investors' interests.
- Markets Practitioner Panel Markets Practitioner Panel — senior industry figures who advise on the impact of proposed rules.
Organization
The Commission is organised into five operating divisions and a set of central offices. Together they employ more than 640 people across our London, Edinburgh, and Manchester sites.
| Division / Office | Responsibility | Approx. staff |
|---|---|---|
| Division of Authorisation & Registration | Reviews applications and grants permissions to firms | 95 |
| Division of Market Supervision | Ongoing, risk-based oversight of licensed firms | 210 |
| Division of Enforcement | Investigations, sanctions, and asset recovery | 140 |
| Office of Investor Protection | Complaints, education, and public advisories | 70 |
| Office of Data & Reporting | Market statistics and public reports | 45 |
| Office of the General Counsel | Legal services and Tribunal representation | 40 |
| Corporate Services | Technology, finance, HR, and operations | 45 |
Our offices
London (Headquarters)
25 Canary Wharf, London E14 5AB — Board, executive, enforcement, and policy.
Edinburgh & Manchester
Regional supervision hubs supporting firms and consumers across the UK.
History
The Commission was created to bring the supervision of investment firms under a single, accountable authority. Key milestones include:
The FMC is established by Act of Parliament, consolidating the supervision of investment firms, brokers, and advisers under one independent commission.
The public Register of Authorised Firms goes live, letting any investor verify a firm's licence, permissions, and status online.
The Client Assets Sourcebook is introduced, requiring strict segregation and daily reconciliation of investor money.
A guided online complaints portal with public case tracking is launched, cutting average resolution times.
The whistleblower programme and the ScamSmart investor-education campaign are introduced.
An outcomes-based Consumer Duty is adopted, raising the standard of care firms owe their customers.
The FMC supervises over 1,200 licensed firms, operates a dedicated whistleblower service, and returns millions of pounds to defrauded investors each year.
Careers
Regulating financial markets is demanding, varied, and genuinely in the public interest. We recruit examiners, investigators, economists, data scientists, and legal professionals who want their work to protect ordinary investors.
Where you could work
- Supervision Supervision — assess firms' conduct, capital, and client-money controls.
- Enforcement Enforcement — investigate misconduct and build cases for sanction.
- Economics & data Economics & data — model market risk and turn data into policy.
- Legal Legal — advise on rules and represent the FMC before the Tribunal.
- Consumer protection Consumer protection — run the complaints service and education campaigns.
We offer structured graduate and apprenticeship routes, professional-qualification sponsorship (including ACA, CFA, and legal training), flexible and hybrid working, and a defined-benefit-style pension. The FMC is an equal-opportunities employer committed to a diverse and inclusive workforce; we welcome applications from every background and make reasonable adjustments throughout recruitment.
Contact our HR officeFrequently asked questions
Is the FMC a government department?
No. The FMC is an independent statutory body. It operates at arm's length from government but is accountable to HM Treasury and Parliament, and is funded by the firms it regulates rather than by the taxpayer.
Does the FMC give investment advice?
No. We regulate firms and protect consumers, but we never recommend particular investments, firms, or products. If you need advice, use an FMC-authorised financial adviser — and always check the register first. check the register. ab_b127_after
How is the FMC different from the firms it regulates?
The FMC does not trade, hold client money, or sell products. We set the rules, authorise firms, supervise their conduct, and take enforcement action when they break the rules.
Can the FMC return money I have lost?
We can order firms to pay redress and we pursue the recovery of misappropriated funds, but recovery is never guaranteed. Eligible consumers of failed authorised firms may also claim from the statutory compensation scheme. See Investor Protection. Investor Protection. ab_b131_after