Financial Services Authority

Find Out Who Are The Financial Services Authority

Contributors: Nicola Date, Katherine Read. Reviewed by Francis Hui

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What’s the Financial Services Authority (FSA)?

The Financial Services Authority (FSA) was a body that oversaw the financial services industry in the United Kingdom between 2001 and 2013. In 2013, they were split into the Financial Conduct Authority (FCA) and Prudential Regulation Authority of the Bank of England (PRA).

An Overview to Financial Services Authority

In the United Kingdom, the Financial Services and Markets Act of 2000 created the Financial Services Authority (FSA). In 1985, the Securities and Investments Board was established, which was subsequently renamed the Financial Services Authority in 1997 before being shut down in 2013.

The Financial Services and Markets Act (FSMA) established a framework for regulating the UK financial services industry. The Financial Services Authority (FSA) was in charge of overseeing banks, financial advisers, insurance companies, and intermediaries as well as mortgage market participants. The Financial Services and Markets Act stated that policies to support market confidence in the UK financial systems.

The goal of financial stability was then added to the list. These objectives were made possible by a set of established regulatory standards. In accordance with growing responsibilities in the domestic and global financial sectors, FSA pursued transparency in policymaking and operations as well as political, public, and legal responsibility in the United Kingdom.

To that aim, Treasury and Parliament oversaw and analysed FSA activities, and the agency needed yearly reports to contain performance assessments toward achieving its goals.

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The Dissolution of the FSA

In the aftermath of the financial crisis, regulators in the United Kingdom decided to change the structure of the overseeing of the financial markets, passing the Financial Service Act 2012 and dissolving the FSA beginning in April 2013. In order to continue with securities regulation, 2 new bodies were established: the Financial Conduct Authority and Prudential Regulation Authority at the Bank of England.

The Financial Conduct Authority Was Born

The Financial Conduct Authority was created in order to safeguard customers and encourage market integrity in the UK’s financial system while also promoting competition in order to better serve consumers’ interests. The Financial Conduct Authority is funded by fines levied against 58,000 firms that it regulates.

Interesting Read: The Evolution of Equity Release

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In Conclusion

Today, the UK financial sector has never been safer, with the Financial Conduct Authority expertly overseeing the industry. For equity release, they work alongside the Equity Release Council who oversees that specific industry.

Wondering how much cash is tied into your home? Try our FREE equity release calculator right now!

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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Written by
John Lawson
Founder SovereignBoss

John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Reviewed by
Francis Hui
Senior Risk Manager

Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Katherine Read
Consumer Affairs Writer

Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Nicola Date
Writer & Journalist

Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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