Financial Services Authority (FSA)

The Financial Services Authority (FSA) was, until April 2013, an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000 to regulate the financial services industry in the UK. The FSA was been given a wide range of rule-making, investigatory and enforcement powers.

The regulator had the following three main aims; promoting efficient, orderly and fair markets, helping retail consumers achieve a fair deal and improving business capability and effectiveness.

Unfortunately, during its reign as financial regulator, amongst many things the FSA was criticised for failing to predict, manage and control the 2007-2009 banking crisis, and in particular about its lack of actions surrounding the Northern Rock collapse, for failing to identify or act quickly enough with the LIBOR interest rate fixing scandal, for failing to protect consumers from the widespread mis-selling of PPI (Payment Protection Insurance) by banks, and for failing to protect small businesses from the mis-selling of complex interest rate derivatives.

It was replaced by the Financial Conduct Authority (FCA) on 1 April 2013, which saw the transfer of many FSA staff to the new body.

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Financial Services Authority (FSA)