Financial Services Authority
The Financial Services Authority (FSA ) until March 31, 2013 was the British Financial Supervisory Authority, to regulate the financial services industry in the UK. The headquarters was located in Canary Wharf, London, another branch was in Edinburgh. The FSA was founded on June 7, 1985 under the name The Securities and Investments Board Ltd ( SIB).
Successor authorities include the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA).
The FSA was an institutionally, functionally and financially independent from the state institution, is the legal basis of the so-called Financial Services and Markets Act 2000.
In the Financial Services and Markets Act, the four main objectives of the statutory FSA are enshrined in law:
- Maintaining confidence in the financial market
- Promoting public understanding of the financial system
- Ensuring consumer protection
- Reduction of financial crime
The FSA was accountable to the British Treasury, and through this to Parliament. The FSA was financed exclusively through regulated by them financial markets, companies and stock exchanges.
The British Treasury determined the FSA Board, which consists of a Chairman, a Chief Executive Officer ( CEO), two Board members and Supervisory Board members existed.
The remit of the FSA included the definition and enforcement of standards, which must comply with the players in the financial services industry. Include, for example, authorizations control the Primary Information Provider that offer to publish regulatory news of listed companies on the London Stock Exchange ( LSE) so-called Regulatory Information Services.
Restructuring of the banking and financial
2010 Chancellor of the Exchequer George Osborne presented its plans for an extensive restructuring of the UK financial market and banking supervision.
The Financial Services Authority ( FSA) was dissolved on March 31, 2013. At the same time two new authorities, which will perceive financial supervision from 1 April 2013 originated with the Financial Conduct Authority ( FCA) and the Prudential Regulation Authority ( PRA). Responsible for the Consumer Protection Financial Conduct Authority is, while the Prudential Regulation Authority will carry out the supervision of banks, insurance companies and investment funds. The authority responsible for banking supervision Prudential Regulation Authority will continue under the Bank of England. The legal basis of the newly established authorities FCA and PRA is the Financial Services Act of 2012.