The Fsa

The Financial Services Authority (FSA) was set up by the government in order to regulate the financial industry in the unify Kingdom. We were established by an Act of fan tan in 2000 and formally gained our powers on 1 December 2001 (http://www.fsa.gov.uk/Pages/ near/Media/Facts/index.shtml). Although the government created the FSA it is an independent body and receives no government funding. We ar funded entirely by the firms we regulate. However, we are accountable to the Treasury and, through and through them, Parliament. (http://www.fsa.gov.uk/Pages/about/index.shtml). As the FSA are an independent body it is the tabular array members that make decisions on overall policies and day to day decisions not the government.

The FSA regulates most big and small business in the United Kingdom and Europe such as financial service markets and small online businesses. We regulate some 29,000 firms which contributes 6.8% of UK GDP. (http://www.fsa.gov.uk/Pages/well-nigh/Media/Facts/index.shtml). The parliament gave the FSA quad specific objectives to carry out in order to discipline that the UK markets work effectively to deliver benefits to both the firms and consumers.



Maintaining market say-so; contributing to the protection and enhancement of the stability of the UK financial trunk; securing the appropriate degree of protection for consumers; and fighting financial offence.(http://www.fsa.gov.uk/Pages/About/Media/Facts/index.shtml). The FSA has the power to fine businesses or individuals who commits a financial crime. It is executable to see who the FSA has fined over the years as they keep a record of this on their official website. Currently total measuring stick of fines in 2010 is £84,966,599. By fining business for committing a financial crime the FSA expects to reduce the overall amount of fraud, money laundering and transplant within the UK financial industry.

Over the years the government has attached the FSA more power and responsibilities. With all the roles and...If you want to get a full essay, order it on our website: Ordercustompaper.com



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