The Financial Services Authority, also known simply as the FSA, is a financial body, and operates as an independent financial regulator within the UK. The powers that have been granted to the FSA come through the Financial Services and Markets Act 2000. A board is appointed by the Treasury to set the overall policies of the FSA, and on the board you will find managing directors and non-executive directors, as well as a Chief Executive Officer and a Chariman.
The FSA reports to parliament through Treasury ministers, to which it is answerable. The agency is funded through the various financial companies that it regulates. Describing itself as an 'open and transparent' organisation, the FSA's aim is to regulate financial services providers and to protect consumers, as well as to raise awareness and educate.
Set up by the government, the regulatory activities and powers of this agency are the responsibility of the government. The powers that are granted to the FSA means that the agency can take action against financial firms that fail to meet its strict standards and policies, and the agency has responsibility for regulating most financial firms and markets.
What the FSA does
The FSA basically regulates the financial services industry within the UK, and it does this through the implementation of policies and procedures, as well as through setting objectives. The agency has a number of statutory objectives, and these include: raising public awareness of the financial services industry, increasing consumer protection when it comes to financial services and products, improving upon consumer confidence when it comes to financial services and products, and reducing financial crime committed by financial firms.
The strategic aims of the FSA, as set out in its website, are:
• 'Promoting efficient, orderly and fair markets'
• 'Helping retail consumers achieve a fair deal'
• 'Improving our business capability and effectiveness'
The FSA sets standards that must be met by member companies in order for these firms to comply with FSA regulations. This provides peace of mind for consumers, as they know that when they use a financial firm that is FSA regulated the firm is complying with various regulations and policies designed to protect the consumer, amongst other things. These policies and regulations ensure that the member financial firms are adhering to set standards and practices.
In short, the FSA provides a range of valuable services, and in addition to setting out policies and standards with which financial services providers must comply, it also acts to protect and educate the public about financial services, reduce financial criminal activity by firms, and promote efficient and fair markets within the financial sector.
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Article Source: http://EzineArticles.com/?expert=David_Lynes
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