The Financial Conduct Authority (FCA), which regulates the financial services industry in the UK, has outlined its Corporate Governance framework in a recent document. The document outlines how the FCA is constituted, the role of the Board, the Chair, the Chief Executive, the directors and the secretary and sets out which decisions are reserved specially to the Board and the process by which the Board delegates some other responsibilities to committees or individuals. Although the FCA is not obliged to follow the UK Corporate Governance Code, the Board has decided that the FCA will follow the Code where appropriate and relevant. The Annual Report of the FCA will contain a Corporate Governance update.