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Home > Financial Info > The Financial Services Authority (FSA)
The Financial Services Authority (FSA)
The Financial Services Authority (FSA) was established by a new regulator on May of 1997. The first stage of this regulation finished in June of 1998 with the responsibility of the supervision of the Bank of England. Some companies transfer many types of responsibilities to the FSA such as: building societies commissions, friendly societies commissions, investment management regulatory organizations, personal investment authorities, register of friendly societies and securities and futures authorities. In 2005, the Treasury gave the responsibility to regulate the Mortgage and to implement the IMD (Insurance Mediation Directive) to the FSA.
The objectives of the Financial Services Authority are: to be an independent non governmental body with the statutory power given by the Financial Services and Markets Act 2000, to provide public and political accountability, to give recommendation and direction and to give lawful accountability. The FSA also has 4 statutory objectives; which are: market assurance, public alertness, client protection and the decrease of financial crime. Its board includes: a Chairman, 1 Chief Executive Officer, 3 Managing Directors and ten non-executive directors with a lead non executive member. It is a transparent organization that provides complete information (financial products, rights and regulation) to firms, consumers and others.
The Financial Services Authority regulates all the financial services (exchanges, firms and markets). It promotes efficient, fair and systematic financial markets, helping with the trade financial service to customers. The FSA is focused on adopting the best performance in its area. This will happen if it accomplishes important social and corporate goals such as: creating community affair programs by a correct manage of its policies and practices and by providing equal opportunities.
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