What is one of the duties of the FCA?

The Financial Conduct Authority (FCA) is primarily responsible for making rules and regulations that govern the conduct of financial markets and firms in the UK. This duty encompasses creating a regulatory framework that ensures fairness, transparency, and integrity in the financial services sector. The rules established by the FCA aim to protect consumers, promote competition, and enhance the integrity of the UK financial system.

The function of making rules is critical for the FCA, as it helps shape how financial services firms operate. These regulations can cover various aspects, including consumer protection, anti-money laundering, and the conduct of business standards that firms must adhere to. By formulating these rules, the FCA plays a pivotal role in overseeing the industry and maintaining public confidence in the financial markets.

The other options, while related to aspects of financial services and regulation, do not align with the primary duties of the FCA. For instance, collecting taxes is typically the role of HM Revenue and Customs, providing insurance is not a regulatory function of the FCA, and conducting criminal investigations is generally reserved for law enforcement agencies rather than financial regulatory bodies like the FCA.