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The FSA is an independent non-governmental body formed following reforms in the regulation of financial services. The supervision of banking and investment services (including pensions, life assurance etc) was merged with the responsibilities of the previous regulator, “The Securities and Investments Board (SIB), which changed its name to the Financial Services Authority in 1997.

The FSA’s four statutory objectives are specified in the Financial Services and Markets Act “FSMA”:

  • maintaining market confidence;
  • increasing public knowledge of the financial system;
  • ensuring appropriate protection for consumers; and
  • reducing financial crime.

www.fsa.gov.uk

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