Financial Services Authority

We are an independent body that regulates the financial services industry in the UK.
We have four main aims:
• Maintaining confidence in the UK financial system. We achieve this by, among other things, supervising exchanges, settlement houses and other market infrastructure providers; conducting market surveillance; and transaction monitoring.
• Promoting public understanding of the financial system. We help people gain the knowledge, aptitude and skills they need to become informed consumers, so that they can manage their financial affairs more effectively.
• Securing the right degree of protection for consumers. Vetting at entry aims to allow only those firms and individuals satisfying the necessary criteria (including honesty, competence and financial soundness) to engage in regulated activity. Once authorised, we expect firms and individuals to maintain particular standards set by us. We monitor how far firms and individuals are meeting these standards. Where serious problems arise we investigate and, if appropriate, discipline or prosecute those responsible for conducting financial business outside the rules. We can also use our powers to restore funds to consumers.
• Helping to reduce financial crime. Our work focuses on three main types of financial crime: money laundering; fraud and dishonesty; and criminal market misconduct such as insider dealing.

While working towards these objectives, we bear in mind:
• the need to use resources in the most economic and efficient way;
• the responsibilities of the management in regulated firms;
• the need to balance the burdens and restrictions on firms with the benefits of regulation for consumers and the industry;
• the need to allow innovation;
• the international character of financial services and markets and the UK's competitive position; and
• the value of competition between financial firms.

www.fsa.gov.uk