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 non-executive directors.
This Board sets the overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.
Major regulatory decisions are taken, on behalf of the Board, by one of its Committees 'The Regulatory Decisions Committee' which comprises current and recently retired practitioners and non-practitioners, all of whom represent the public interest.
The legislation establishes the Financial Services and Markets Tribunal, run by the Department of Constitutional Affairs, which will consider afresh regulatory decisions in cases where we cannot reach an agreement with the firm or individual concerned. Our rules and practices are subject to competition scrutiny by the Office of Fair Trading. The OFT must report to the Competition Commission if it finds that any of them has a significant anti-competitive effect.
More information is available from the Financial Services Authority website.
Information on exactly what the FSA do and how they can help can be viewed on the