Financial Services Authority

Who are they?

The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. They are a company limited by guarantee and financed by the financial services industry. The Treasury appoints the FSA Board, which currently consists of a Chairman, a Chief Executive Officer, three Managing Directors, and 10 non-executive directors (including a lead non-executive member, the Deputy Chairman). This Board sets our overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.

What do they do?

They are an independent body that regulates the financial services industry in the UK. They have been given a wide range of rule-making, investigatory and enforcement powers in order to meet thier four statutory objectives, summarised with one overall aim:

To promote efficient, orderly and fair markets and to help retail consumers achieve a fair deal.