DEFINITION of 'Financial Services Authority - FSA '
Regulating body for all providers of financial services in the United Kingdom. The Financial Services Authority (FSA) is an independent, non-governmental entity that receives its statutory powers through the Financial Services and Markets Act of 2000. The company is funded entirely by firms that it regulates within the financial services industry, and is accountable to Treasury Ministers and Parliament. The statutory objectives of the Financial Services Authority are to ensure market confidence, financial stability, consumer protection and the reduction of financial crime.
BREAKING DOWN 'Financial Services Authority - FSA '
The Financial Services Authority is governed by a Board that is appointed by the U.K.'s Treasury. The majority of Board members are non-executive. In addition to the Board, FSA's management structure includes a Chief Executive Officer (CEO), a Chief Operating Officer (COO) and two managing directors. In 1997, the decision to merge banking supervision and investment services regulation into the Securities and Investments Board (SIB) was made. The SIB changed its name later that year to the Financial Services Authority (FSA). The FSA has the responsibilities of several organizations including the Personal Investment Authority (PIA), the Securities and Futures Authority (SFA), and mortgage regulation.