The Financial Services Authority (FSA)

Paper Summary:

This paper explains that the Financial Services and Markets Act 2000 (FSMA) replaced the Financial Services Act 1986 and introduced the new single regulator, the Financial Services Authority (FSA), which regulates virtually all financial services in the United Kingdom. The author points out that one of the primary statutory objectives of the FSA is to maintain market confidence as contained in section 3 of FSMA; one of the reasons that market confidence has been given such a high priority by the FSA is because of the concept of systemic risk in the financial services industry. The paper points out that an aim of the FSA is to reduce financial crime as set out in section 6 of FSMA and is one of the prime statutory objectives of the FSA, which has significant powers to prevent and to punish those who commit financial crime.

From the Paper:

"The powers of the FSA can be put into a number of categories, the power to vary or cancel a Part IV permission, the power to withdraw approval under the approved persons provisions, the power to obtain an injunction, the power to take action against a person for misconduct, the power to undertake investigations, powers when firms become insolvent and powers to take disciplinary measures and give warnings. The enforcement of the regulatory framework under these headings is an extremely important function of the FSA, it protects those who use financial services and is pivotal in meeting the statutory objectives the FSA has been set."

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