Financial Services Authority
Financial Services Authority
The Financial Services Authority (FSA) is an independent, non-Governmental organisation which is responsible for regulating the financial services in the UK. The Financial Services and Markets Act of 2000 gave the FSA statutory powers which include:
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Regulation
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Investigation
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Enforcement
The FSA was set up by the Government and is funded by the financial service industry. Appointed by the Treasury, its board consists of a Chairman, a Chief Executive Officer, three Managing Directors, and nine non-executive directors, including the Deputy Chairman. The board sets out the FSA's overall policy, but the day-to-day management is the responsibility of the Executive.
Most financial services markets, exchanges and firms are regulated by the FSA. It sets the standards by which they must operate and take action against them if they fail to meet the required standards.
While the FSA is operationally independent of the Government and funded entirely by the firms it regulates, it is accountable to Treasury ministers and through them to Parliament. It prides itself on being an open and transparent organisation which provides full information about its objectives, plans, policies and rules for firms, consumers and others who may need such information.
It provides information for consumers on such issues as:
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Financial products
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Regulation
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Their rights
The FSA is ruled by its Statutory Objectives and Principles of Good Regulation, which it states in the following three strategic aims:
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Promoting efficient, orderly and fair markets
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Helping retail consumers achieve a fair deal
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Improving business capability and effectiveness
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