Which of these is a duty of the FCA?

The function of determining general policy and principles for its operations is a fundamental duty of the Financial Conduct Authority (FCA). This responsibility includes setting out the regulatory framework within which financial services operate in the UK. The FCA develops standards and guidelines that govern the behavior of financial institutions, ensuring they act in the best interests of consumers and maintain market integrity. By establishing policies, the FCA helps create a stable and trustworthy financial environment.

In contrast, creating training materials for financial advisers is not a primary responsibility of the FCA, as the organization focuses more on regulation and oversight rather than direct training initiatives. Acting as a competitor in financial services contradicts the FCA's role as a regulator, which is to supervise the industry rather than engage in market competition. Similarly, selling investment products falls outside the FCA's remit; the agency is tasked with overseeing financial firms and protecting consumers, not directly engaging in commerce or offering products itself.