What does the FCA primarily seek to prevent in the financial services sector?

The Financial Conduct Authority (FCA) primarily seeks to prevent fraud and misrepresentation within the financial services sector to protect consumers and ensure the integrity of the market. Fraudulent activities can lead to significant losses for consumers and erode trust in financial institutions. By focusing on preventing these negative practices, the FCA aims to ensure that firms act honestly and transparently, thereby fostering a stable and fair marketplace.

While the other options address important issues, they do not capture the FCA's primary objective. Monopolistic practices and high transaction fees are regulatory concerns, but they are secondary to directly preventing harmful activities like fraud. Limited market access could be a product of regulatory measures, but it is not the central focus of the FCA’s mission. The overarching goal of the FCA is to ensure that the financial markets operate with integrity and that consumers are treated fairly, which directly involves the prevention of fraud and misrepresentation. This protection helps maintain confidence in the financial system as a whole.