The Financial Services Authority (FSA) is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury, although it operates independently of government. It is structured as a company limited by guarantee and is funded entirely by fees charged to the financial services industry.
Its main office is based in Canary Wharf, London, with another office in Edinburgh. When acting as the competent authority for listing of shares on a stock exchange, it is referred to as the UK Listing Authority (UKLA), and maintains the Official list.
The FSA's Chairman and CEO are currently Lord Turner of Ecchinswell and Hector Sants, although on 16 March 2012 Sants announced his resignation, effective from the end of June that year.
On 16 June 2010, the Chancellor of the Exchequer, George Osborne, announced plans to abolish the FSA and separate its responsibilities between two new agencies, one to be part of the Bank of England.
Read more about Financial Services Authority: History, Criticisms, Visual Identity
Famous quotes containing the words financial, services and/or authority:
“The woman who does her job for society inside the four walls of her home must not be considered by her husband or anyone else an economic “dependent,” reaching out her hands in mendicant fashion for financial help.”
—Mary Barnett Gilson (1877–?)
“We now in the United States have more security guards for the rich than we have police services for the poor districts. If you’re looking for personal security, far better to move to the suburbs than to pay taxes in New York.”
—John Kenneth Galbraith (b. 1908)
“The faith that stands on authority is not faith.”
—Ralph Waldo Emerson (1803–1882)