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The Financial Services Authority

The Financial Services Authority . A Consumer Council guide to:. www.fsa.gov.uk. The Financial Services Authority The Financial Services Authority (FSA) is the UK’s independent financial regulator set up by Government.

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The Financial Services Authority

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  1. The Financial Services Authority A Consumer Council guide to: www.fsa.gov.uk

  2. 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

  3. 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

  4. 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

  5. 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

  6. FSA Strategic Aims These objectives are supported by a set of Principles of Good Regulation, both can be summarised into three Strategic Aims: • Promoting efficient, orderly and fair markets • Helping retail consumers achieve a fair deal • Improving our business capability and effectiveness www.fsa.gov.uk www.fsa.gov.uk www.fsa.gov.uk

  7. 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

  8. 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

  9. 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

  10. 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

  11. 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

  12. How to contact the Financial Services Authority: Post: 25 The North Colonnade,Canary Wharf,London E14 5HS (Company No. 01920623) Telephone: Main switchboardFrom UK: 020 7066 1000 www.fsa.gov.uk www.fsa.gov.uk www.fsa.gov.uk

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