Financial Services Authority
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. They are a company limited by guarantee and financed by the financial services industry. The Treasury appoints the FSA Board, which currently consists of a Chairman, a Chief Executive Officer, three Managing Directors, and 9 non-executive directors (including a lead non-executive member, the Deputy Chairman). This Board sets our overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive [1]
They are an independent body that regulates the financial services industry in the UK. They have been given a wide range of rule-making, investigatory and enforcement powers in order to meet four statutory objectives:
1 market confidence: maintaining confidence in the financial system; 2 public awareness: promoting public understanding of the financial system; 3 consumer protection: securing the appropriate degree of protection for consumers; and 4 the reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.
The FSA summarises these four objectives with one overall aim:
To promote efficient, orderly and fair markets and to help retail consumers achieve a fair deal.
The Board
- Sir Callum McCarthy, Chairman
- Dame Deidre Hutton CBE, Deputy Chairman
- John Tiner, Chief Executive
- Clive Briault, Managing Director
- Sir James Crosby, Non-executive Board Member
- Peter Fisher, Non-executive Board Member
- Brian Flanagan, Non-executive Board Member
- Karin Forseke, Non-executive Board Member
- Sir John Gieve, Non-executive Board Member
- David Kenmir, Managing Director, Regulatory Services
- Proffessor David Miles, Non-executive Board Member
- Hector Sants, Non-executive Board Member
- Michael Slack, Non-executive Board Member
- Hugh Stevenson, Non-executive Board Member
Notes
- ^ The Financial Services website, http://www.fsa.gov.uk/pages/index.shtml. Last viewed 01.02.07
