UK Financial Services Authority

The primary function of a financial regulatory body is to monitor the entire financial sector of the jurisdiction that they govern. The Financial Services Authority (FSA) is the governmental body that regulates the United Kingdom financial services industry.

Responsibilities of the UK FSA

All banks and other financial institutions are under the control of the UK FSA. This independent regulatory body follows the Financial Services and Markets Act 2000 and the Principals of Good Regulation, accountable to the Treasury of Ministers and essentially the Parliament.

The main aims and objectives of the UK FSA in accordance with the Financial Services and Market Act 2000 are the following;

  • Encourage market confidence in the UK financial system
  • Maintain financial stability through protecting the UK financial industry
  • Ensure that the consumers are safeguarded against financial insecurities
  • Reduce financial crime

Additionally, as the financial regulatory body follows the Principals of Good Regulation, it is the FSA’s duty to take the following into consideration;

  • Utilizing the resources in order to act as an efficient economy
  • Role of management, that is, managing the duties of authorized professional individuals
  • Ensuring that the restrictions implemented are proportionate to the benefits offered
  • Encouraging development and innovation in the financial sector
  • Maintaining an appealing international character to ensure competition in the global financial market
  • Increase public awareness in regards to the UK FSA

The above are some of the responsibilities and objectives of the UK Financial Services Authority. Whilst encouraging competition in the financial industry within the UK, the FSA aims to promote the UK in the international financial markets as well.

For information please visit our Licensing Jurisdictions page.