The Financial Policy Committee (FPC)
The UK financial system is overseen by several regulatory bodies designed to maintain stability, protect consumers, and ensure confidence in financial markets.
The Financial Policy Committee (FPC) is one of these key bodies. It operates under the Bank of England and plays an important role in monitoring risks across the UK’s financial system.
What Does the FPC Do?
The FPC is responsible for identifying, monitoring, and addressing risks that could threaten the stability of the UK financial system as a whole.
Its role includes:
⦠Assessing risks to the wider economy and financial markets
⦠Taking action to strengthen the resilience of the financial system
⦠Monitoring issues such as housing market trends, lending standards, and debt levels
⦠Supporting sustainable economic growth
The FPC works alongside other Bank of England committees, such as the Monetary Policy Committee (MPC), which focuses on interest rates and inflation.
To promote transparency, summaries of FPC meetings and decisions are published regularly.
How the FPC Differs from the FCA
It’s important to understand that the FPC does not regulate individual mortgage advisers or lenders.
That responsibility sits with the Financial Conduct Authority (FCA), which replaced the Financial Services Authority (FSA) in 2013.
⦠FPC → Oversees the stability of the financial system
⦠FCA → Regulates firms and advisers dealing with consumers
Checking If a Mortgage Adviser Is Authorised
If you are considering a remortgage, it’s essential to ensure that any adviser, lender, or broker you work with is properly authorised.
You can do this by checking the Financial Services Register, maintained by the FCA.
This register allows you to:
⦠Confirm whether a firm or individual is authorised
⦠Check what services they are permitted to provide
⦠Verify their regulatory status
👉 You can access the register here: https://register.fca.org.uk
Working with an authorised firm helps ensure you receive appropriate advice and consumer protections.
Why Regulation Matters for Remortgaging
Remortgaging is a significant financial decision, and the quality of advice you receive can have a long-term impact on your finances.
Regulation helps to ensure that:
⦠Firms act in the best interests of customers
⦠Advice is suitable for your circumstances
⦠You have access to complaints procedures and protections if things go wrong
Making Informed Decisions
Before proceeding with a remortgage, take the time to:
⦠Verify that your adviser is FCA-authorised
⦠Understand the products being recommended
⦠Ask questions if anything is unclear
Choosing a qualified and regulated professional can make a significant difference to the outcome of your remortgage.