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Financial Services Authority

From Academic Kids

The United Kingdom Financial Services Authority (FSA) is an independent non-governmental body that regulates the UK financial services industry. Its main office in based in Canary Wharf, London but it also has another office in Edinburgh.

The FSA was created by the UK chancellor of the exchequer on May 20, 1997, and given statutory powers on December 1, 2001 by the Financial Services and Markets Act 2000. In addition to regulating banks, insurance companies and financial advisers, the FSA has regulated mortgage business from 31 October 2004 and general insurance intermediaries from 14 January 2005.

The Financial Services and Markets Act imposed four statutory objectives upon the FSA:

  • market confidence: maintaining confidence in the financial system
  • public awareness: promoting public understanding of the financial system;
  • consumer protection: securing the appropriate degree of protection for consumers; and
  • reduction of financial crime: reducing the extent to which it is possible for a business carried on by a regulated person to be used for a purpose connected with financial crime

The FSA takes the form of a company limited by guarantee. The FSA Board consists of a Chairman, a Chief Executive Officer, three Managing Directors, and 11 non-executive directors (including a lead non-executive member, the Deputy Chairman) selected by HM Treasury. This Board decides on overall policy with day-to-day decisions and management of the staff being the responsibility of the Executive. This is divided into three sections each headed by a Managing director and having responsibility for one of the following sectors: retail markets, wholesale and institutional markets, and regulatory services.

See also: Financial supervision

External link

FSA website (http://www.fsa.gov.uk/)

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