EXcoin officially passed the FCA (Financial Conduct Authority) Financial Conduct Authority review, and was granted an FCA independent authorization license, under reference number 927651.
FCA is the UK's Financial Conduct Authority. It was established on April 1, 2013 and is headquartered in London, UK. At present, it has undertaken the supervision of more than 50,000 financial service companies and financial markets, and is responsible for the prudential supervision of more than 18,000 of them. The supervision of the Financial Conduct Authority in the UK is arguably the most stringent regulatory body in the world. FCA focuses on controlling three key areas: business conduct, full competition, and reducing market abuse. The FCA is composed of multiple agencies, each with its own goals and responsibilities, including the Prudential Regulation Authority (PRA) and the Bank of England.
The purpose of FCA is to ensure that the core of its business is the best interests of its customers. The three main goals of FCA are protecting consumers, protecting financial markets, and promoting market competition.
UK FCA is currently the world's most complete and sound financial management organization, and strictly regulates the financial services institutions registered in the UK.
EXcoin passing FCA review means that its users are entitled to enjoy FCA's FSCS customer compensation plan.
The customer compensation plan FSCS is Financial Services Compensation Scheme, which is known as the "final rescue fund" of British companies. Its funds are mainly used to compensate customers of bankrupt companies.
FSCS is an independent institution established under the Financial Services and Markets Act 2000. It is responsible for the compensation of bankrupt companies regulated by FCA and PRA (British Prudential Regulation Authority). When the company is unable to pay its due debts, it can initiate FSCS to compensate customers. FSCS covers companies regulated by FCA and PRA, as well as EU companies operating in the UK.
FSCS provides different compensation amounts for different products. If a financial company is not able to compensate its customers itself, FSCS will compensate its customers on behalf of it. This is the British Financial Services Compensation Scheme (FSCS).
EXcoin has the final interpretation of this announcement.