What is ‘Management of financial services – FSA ‘
The office of financial regulation and supervision (FSA) was an Agency that the regulation of financial services in the United Kingdom between 2001 and 2013. The regulatory authority was formally divided into 2013 the financial conduct authority and the Prudential regulation authority Bank of England.
The breaking down ‘of financial services – FSA ‘
The office of financial regulation and supervision (FSA) was officially launched in the UK on financial services and markets Act 2000. Originally founded in 1985 as a Council for investments in securities Agency accepted financial product on service in 1997 until it was disbanded in 2013.
The FSA is responsible for regulating banks, financial consultants and insurance companies and intermediaries, and stakeholders involved in the mortgage business. Of the financial services and markets act identified four main objectives of the FSA, in particular, stimulate market confidence in the UK financial system, protecting and strengthening the financial stability of the British financial system and ensuring adequate mechanisms for the protection of the rights of consumers and reduce the scope and impact of financial crime. These goals were supported in the framework of a codified set of principles of good regulation.
In addition, the FSA has strengthened its responsibilities in the financial and consumer sectors in the UK, spending transparency, the Agency has established policies and carry out General functions, as well as by providing political, public and legal liability. With this aim, operations of FSA were under the control and scrutiny of Finance and parliamentary committees, and the Agency requires that annual reports include assessment results for the implementation of its principles.
The dissolution of the Agency Financial services
After the financial crisis of 2008, officials decided to revise the structure of financial regulation in the UK by adopting the Law on financial services 2012 and to dissolve the SSA beginning in April 2013. In order to continue with the needs of financial regulation, two new agencies created: the financial conduct authority and the Prudential regulation authority Bank of England.
The office of financial regulation was created to regulate the financial markets, ensuring consumer protection and promoting market integrity in the financial system of UK as well as the promotion of competition, in order to better serve the interests of consumers. Independent government body, the financial conduct authority is funded by fees from 58,000 firms the Agency regulates.
Responsibilities on Prudential regulation, including regulation of banks, credit unions, insurance companies and investment firms. Authority Prudential regulation is an independent company fully owned by the Bank of England, which is in turn owned by the UK government and regulated by the Parliament. Directive on the Prudential regulation authority the Prudential regulation Committee consisting of several members, including the Chairman of the Bank of England; Executive Director at the financial conduct authority; the Deputy Governor for financial stability, the Deputy Governor of markets and banking, and Deputy Governor of Prudential regulation; members are appointed by the Governor with the Chancellor’s approval; and six additional members appointed by the Chancellor.