✓ Correct answer: A. Financial Conduct AuthorityAlthough the FSCS operates as an independent body, it is subject to oversight by both the FCA and the PRA, which together set its operational rules and compensation limits.
Why the other options are incorrect:
• Competition and Markets Authority: The CMA enforces competition law and has no oversight role in relation to the FSCS.
• Bank of England: The Bank of England focuses on monetary and financial stability; it does not oversee the FSCS.
• Pensions Regulator: The Pensions Regulator's remit covers occupational pension schemes and does not extend to the FSCS.
• HM Revenue & Customs: HMRC administers tax and customs duties, a function entirely separate from FSCS oversight.
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Theory