They are the Financial Conduct Authority (previously known as the Financial Services Authority). They regulate the financial services industry in the UK.
Why do they do it? The FCA ensure that the insurance markets and financial systems are sound, stable and resilient. That pricing is clear with information that you the consumer can easily understand.
How are they governed? They are accountable to the Treasury and, through them, to Parliament.
The FCA is operationally independent of Government and funded entirely by the firms they regulate i.e. insurance companies and insurance intermediaries.