A Consumer Council guide to:
The Financial Services
Authority
www.fsa.gov.uk
The Financial Services Authority
• The Financial Services Authority (FSA) is the
UK’s independent financial regulator set up by
Government.
• The FSA have a wide range of rule-making,
investigatory and enforcement powers to
regulate financial services in the UK, such as
banks, building societies, credit unions and
financial advisers.
www.fsa.gov.uk
www.fsa.gov.uk
www.fsa.gov.uk
The Financial Services Authority
• They are operationally independent of
Government and funded entirely by the firms
they regulate.
www.fsa.gov.uk
www.fsa.gov.uk
www.fsa.gov.uk
The Financial Services Authority
• The FSA works to protect the rights of
consumers who use financial services in the UK.
• They aim to do so by promoting efficient, orderly
and fair financial markets.
www.fsa.gov.uk
www.fsa.gov.uk
www.fsa.gov.uk
What the FSA do
The Financial Services and Markets Act gives the FSA four
statutory objectives:
• market confidence: maintaining confidence in the financial system;
• public awareness: promoting public understanding of the financial
system;
• consumer protection: securing the appropriate degree of protection
for consumers; and
• the reduction of financial crime: reducing the extent to which a
business can be used for a purpose connected with financial crime.
www.fsa.gov.uk
www.fsa.gov.uk
www.fsa.gov.uk
FSA Strategic Aims
These objectives are supported by a set of
Principles of Good Regulation, both can be
summarised into three Strategic Aims:
1.Promoting efficient, orderly and fair markets
2.Helping retail consumers achieve a fair deal
3.Improving our business capability and
effectiveness
www.fsa.gov.uk
www.fsa.gov.uk
www.fsa.gov.uk
FSA Services
• In order to meet these strategic aims, the FSA
set the standards that all financial services
organisations in the UK must meet. Failure to do
so will result in action being taken.
www.fsa.gov.uk
www.fsa.gov.uk
www.fsa.gov.uk
Money made clear
• The FSA also have a money made clear website
that is consumer friendly, cuts out the jargon and
gives consumers the facts about financial
products and services in the UK
• The website is aimed at helping consumers to
make informed financial decisions
www.moneymadeclear.fsa.gov.uk www.moneymadeclear.fsa.gov.uk
Money made clear
This website:
• Compares financial products e.g. mortgages
• Has useful tools e.g. financial health checkers
and printed guides
• Explains financial products e.g. loans, bank
accounts and pensions
• Keeps you up to date of the latest scams and
swindles
www.moneymadeclear.fsa.gov.uk www.moneymadeclear.fsa.gov.uk
The FSA have also created the What About
Money? website aimed directly at young people
aged 16 and over to help them take control of
their personal finances.
www.whataboutmoney.info
The website contains information
about a range of important financial
stages in life – including leaving home
and going to university.
This site has collected a number of
relevant articles on issues such as
student loans; grants; part-time
working and budgeting.
www.whataboutmoney.info
How to contact the Financial Services Authority:
Post:
25 The North Colonnade,
Canary Wharf,
London E14 5HS
(Company No. 01920623)
Telephone:
Main switchboard
From UK: 020 7066 1000
www.fsa.gov.uk
www.fsa.gov.uk
www.fsa.gov.uk