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Financial Services Authority (FSA)

Established under the Financial Services and Markets Act 2000, the Financial Services Authority is the single statutory financial regulator in the UK, having taken over the work of a total of nine previous bodies.

Almost all kinds of financial services firms must be authorised by the FSA to do business in the UK. The FSA regulates banks, building societies, credit unions, insurance and investment firms (stockbrokers and fund managers) and independent financial advisers (IFAs), and more recently mortgage lending and general insurance.

The FSA does not cover loans, credit, debt and does not regulate occupational pension schemes and their administration

In addition to authorizing and monitoring financial services firms, the FSA has enforcement powers to investigate, discipline and prosecute. It also has the power to impose unlimited fines on anyone who commits “market abuse” - for example, buying shares in a company with inside knowledge of a forthcoming takeover.

The FSA has specific responsibilities to consumers, aiming to help people become better informed about financial matters so that they can manage their financial affairs more effectively. (See FSA website)

 

 

 

12 April, 2008
 
© 2008 K.R.Wade and Co Ltd