Financial Services Authority

The replacement regulating body for the Securities and Investments Board (SIB) and carrying all regulatory responsibilities for the UK financial services industry.

The FSA came into being on 28th October 1997 and has overall objectives focused on:
the protection of consumers of financial services
the promotion of clean and orderly markets
the maintenance of confidence in the financial services system

It took over banking supervision from the Bank of England in 1998 and two years later became the UKs listing authority, superseding the London Stock Exchange.

In 2001, under the Financial Services and Markets Act of 2000, it took over the regulation of several sectors, mainly replacing self-regulatory bodies.

It is a criminal offence to conduct investment business without authorisation and the FSA is empowered to prosecute those who break this rule.

A Central Register is held which lists firms with authorisation.