The Financial Standards Authority
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It is a company limited by guarantee and financed by the Financial Services industry.
The FSA is an independent organisation responsible for regulating Financial Services in the UK. The FSA's broad task is to achieve a marketplace that is run in an efficient, orderly and clean manner whilst ensuring that consumers receive a fair deal by being properly informed and appropriately protected. Ultimately, the FSA is concerned with maintaining confidence in the UK's financial marketplace for the benefit of everyone.
The FSA was set up by Government and it is important to emphasise that it is the Government that is responsible for the overall scope of the FSA's regulatory activities and powers. The FSA regulates most Financial Services markets and firms. It sets the standards that they must meet and can take action against firms if they fail to meet the required standards. This often involves requiring firms to pay compensation to their customers.
The Chancellor of the Exchequer announced the reform of Financial Services regulation in the UK and the creation of a new regulator on 20 May 1997. The Chancellor announced his decision to merge banking supervision and investment services regulation into the Securities and Investments Board (SIB). The SIB formally changed its name to the Financial Services Authority in October 1997.
The first stage of the reform of financial services regulation was completed in June 1998, when responsibility for banking supervision was transferred to the FSA from the Bank of England. The Financial Services and Markets Act, which received Royal Assent in June 2000 and was implemented on 01 December 2001, transferred to the FSA the responsibilities of several other organisations including the Building Societies Commission, Friendly Societies Commission, Investment Management Regulatory Organisation, Personal Investment Authority, Register of Friendly Societies and Securities and Futures Authority.
Contact details
The Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
Tel: 020 7066 1000
Fax: 020 7066 1099
consumerhelp@fsa.gov.uk
www.fsa.gov.uk