Who is the Financial Services Authority? (FSA)
The Financial Services Authority is an independent non-government body, given legal powers under the Financial Services and Market Act 2000.
The FSA are a company limited by guarantee and financed by the financial industry. The Treasury appoints an Board that consists of a Chairman, a Chief Executive Officer, two Managing Directors, and 11 non-executive Directors.
This Board will set the FSA’s policy, but the day-to-day decisions are made by the Executives.
What the FSA does
The FSA has four main aims:
· Promoting the public’s understanding of the UK’s financial system – The FSA try to help people to gain the understanding, aptitude and skills that they need to become informed consumers, so that consumers can more effectively manage their financial affairs.
· To protect consumers – vetting is at the application stage of entry to the FSA and is aimed at admitting only those firms and individuals who satisfy the necessary criteria (including honesty, competence and financial soundness) to be involved in regulated activity. Once authorised, the FSA expect firms and individuals to maintain defined standards set by the FSA. The FSA then monitors how far the firms and individuals meet these standards. Where serious problems are identified the FSA investigates and, if appropriate, disciplines or prosecutes those responsible for conducting financial business in contradiction to the rules. The FSA can also use their powers to restore funds to clients.
· To help to reduce financial crime – the FSA’s work concentrates on three main kinds of financial crime: money laundering; fraud and dishonesty; and criminal financial misconduct such as insider dealing.
Whilst working towards these aims, the Financial Services Authority takes the following
How to visit the FSA website
Their address is www.fsa.gov.uk.
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