What is the FCA, and how does it regulate crypto in the UK?
The FCA polices how around 35,500 UK firms treat their customers. Here is where its powers come from, what it does with crypto as of October 2026, and how to use its register and scam tools.
Education only, not investment, tax or legal advice. Crypto-assets are high-risk — risk disclosure.
The short answer
The FCA is the UK's conduct regulator for financial services. It began on 1 April 2013, replacing the Financial Services Authority; its powers come mainly from the Financial Services and Markets Act 2000. For crypto, it supervises anti-money-laundering registration, polices marketing and will authorise firms from October 2027.
Key takeaways
- The FCA took over from the Financial Services Authority on 1 April 2013; its role is set mainly by the Financial Services and Markets Act 2000.
- It is funded entirely by fees on the firms it regulates and is accountable to HM Treasury and Parliament.
- Since 2020 it has supervised crypto firms for anti-money-laundering purposes, and since 8 October 2023 crypto marketing to UK consumers has had to follow its rules.
- A new UK crypto regime under regulations made in February 2026 takes full effect on 25 October 2027.
- Check firms on the FCA Register, report scams on 0800 111 6768, and take complaints to the firm first, then the Financial Ombudsman Service.
What is the FCA and how did it start?
The Financial Conduct Authority (FCA) is the UK body that regulates how financial firms behave towards their customers and the markets. It describes itself as an independent public body, funded entirely by the fees it charges regulated firms, and accountable to HM Treasury and to Parliament1.
The FCA was established on 1 April 2013, taking over conduct regulation and some prudential regulation from the Financial Services Authority (FSA)1. The change came through the Financial Services Act 2012, which amended the Financial Services and Markets Act 2000 and set up the new regulators2. The 2000 Act, often shortened to FSMA, still defines most of the FCA's role and objectives1.
Figure · Key dates for the FCA
- 2000FSMA passed
- Apr 2013FCA replaces FSA
- Oct 2023Crypto promotion rules
- Oct 2027Full regime
What is the FCA trying to achieve?
FSMA gives the FCA a set of objectives. In short: make markets work well, protect the people who use them, and keep competition healthy.
The FCA's objectives Source: [1]
| Type | Objective |
|---|---|
| Strategic | Make sure the relevant markets function well |
| Operational | Protect consumers |
| Operational | Protect the integrity of the UK financial system |
| Operational | Promote effective competition in the interests of consumers |
| Secondary (since 2023) | Support the UK economy's international competitiveness and medium- to long-term growth |
The FCA regulates the conduct of around 35,500 firms1. Its public register lists firms and people authorised by the FCA or by the Prudential Regulation Authority (PRA)5.
How does the FCA regulate crypto, as of October 2026?
UK crypto rules have arrived in layers. Since 10 January 2020 the FCA has been the anti-money-laundering and counter-terrorist-financing supervisor for firms carrying on certain cryptoasset activities3. That role is about stopping crime; it is not a full licence covering how firms treat customers.
Since 8 October 2023, any firm marketing cryptoassets to UK consumers must follow the FCA's financial promotion rules, wherever the firm is based and whatever technology it uses3. The final rules were published in June 2023 as PS23/63. Our explainer on UK crypto regulation goes deeper.
UK crypto rules by stage
| Stage | What applies | Date |
|---|---|---|
| AML supervision | Certain crypto firms supervised for anti-money-laundering | From 10 January 20203 |
| Marketing rules | Crypto promotions to UK consumers must meet FCA rules | From 8 October 20233 |
| Law made | The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 | Made 4 February 20264 |
| FCA final rules | Rules and guidance for authorised crypto firms published | 30 June 20263 |
| Full regime | Crypto activities brought under FSMA authorisation | 25 October 20274 |
The 2026 regulations come fully into force on 25 October 2027, but an earlier start date lets the FCA write rules and process applications for permission ahead of that day4. They cover areas such as qualifying stablecoins, trading platforms, crypto offers and market abuse4.
Risk warning
What the FCA tells consumers
The FCA says that if you invest in crypto you should be prepared to lose all your money, and that it is highly unlikely you will be covered by the Financial Services Compensation Scheme9. It also describes crypto as largely unregulated in the UK9, which will remain broadly true until the new regime starts.
How do you check a firm on the FCA Register?
The Financial Services Register is a public record of firms, individuals and other bodies that are, or have been, authorised by the FCA or the PRA5. It also flags firms the FCA has been told are offering regulated services without authorisation5.
Checking a UK firm
- 1
Search the Register
Go to register.fca.org.uk yourself, not through a link someone sent you, and search the firm's name or reference number5.
- 2
Check what it may do
A firm's record shows the activities it has permission for. Being on the Register for one thing does not cover everything.
- 3
- 4
Use the Register's contact details
Clone firms copy real firms' names. Contact the firm using the phone number and website on the Register, not the ones in the message you received.
If you deal with an unauthorised firm, you will not have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong8. Our guide to checking a regulated firm compares the UK, U.S. and EU registers.
How do you report a scam or make a complaint?
Reporting a scam and complaining about a firm are different routes.
- To report a scam or unauthorised firm: call the FCA consumer helpline on 0800 111 6768 or use its online form6.
- If you have lost money to fraud: contact Report Fraud on 0300 123 2040 or at reportfraud.police.uk; in Scotland, contact Police Scotland on 1016. Tell your bank straight away6.
- To complain about an authorised firm: complain to the firm first. It must give you its outcome in writing within 8 weeks. If you are unhappy, go to the free Financial Ombudsman Service within 6 months of the firm's final response7.
What mistakes do people make about the FCA?
Common beginner mistakes
Treating AML registration as full regulation
A crypto firm registered with the FCA for anti-money-laundering is not authorised in the way a bank or broker is. Check exactly what the Register says.
Clicking the link in an advert
Scammers copy real firms' names and reference numbers. Search the Register yourself and use the contact details shown there.
Expecting compensation for crypto losses
The FCA says FSCS cover for crypto is highly unlikely9. Plan as if lost crypto is gone.
Complaining to the wrong body
The FCA does not settle individual disputes. Go to the firm, then the Financial Ombudsman Service.
Risk warning
High risk, little protection
Crypto prices can swing sharply and platforms can fail. Never invest money you cannot afford to lose, and read our risk disclosure.
Frequently asked questions
Is the FCA part of the UK government?
It is an independent public body, funded by fees on the firms it regulates, and accountable to HM Treasury and Parliament1.
Is crypto regulated in the UK?
Will the FSCS protect my crypto if a platform fails?
The FCA says it is highly unlikely you would be covered9.
What replaced the Financial Services Authority?
Can the FCA get my money back from a scammer?
No. It says it cannot help you recover money, though it does investigate scams6. Contact your bank and Report Fraud quickly.
The bottom line
The FCA is the UK's conduct regulator, created in 2013 under the framework of the Financial Services and Markets Act 2000. Its crypto role has grown step by step, from anti-money-laundering supervision in 2020 to marketing rules in 2023, with full authorisation due on 25 October 2027. Search the Register yourself, read the Warning List, and remember that crypto losses are rarely covered by compensation schemes.
Sources
- About the FCA — Financial Conduct Authority Primary source
- Financial Services Act 2012 (2012 c. 21) — legislation.gov.uk (The National Archives), 2012 Primary source
- Cryptoassets (firms) — Financial Conduct Authority, 2026 Primary source
- The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) — legislation.gov.uk (The National Archives), 2026 Primary source
- Financial Services Register — Financial Conduct Authority Primary source
- Report a scam to us — Financial Conduct Authority Primary source
- How to complain — Financial Conduct Authority Primary source
- About the FCA Warning List — Financial Conduct Authority Primary source
- Cryptoassets (consumers) — Financial Conduct Authority, 2026 Primary source
How we checked this page: every figure above links to the numbered source it came from. Spotted an error? Tell the desk — see our editorial policy.
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