WHITE PAPER A Multifaceted Maze: The FCA’s Role and Powers in Distressed Situations The last five years have seen a substantial increase in the number and variety of regulated firms operating in the United Kingdom, with the development in particular of financial services provided by new technology firms, asset managers, challenger banks, payment providers and e-money issuers. At the same time, an increasing number of UK Financial Conduct Authority (“FCA”) regulated firms have entered into insolvency proceedings.