Financial services authority

Following the implementation of the Financial Services and Market Act 2000, a new regulatory body known as the (FSA) or Financial Services Authority (www.fsa.gov.uk)came into effect following the provision of statutory powers.

The FSA Explained

In response to various financial scandals, the FSA have been charged with regulating most UK financial services including secured loans, debt consolidation loans, home equity release, bad credit loans, insurance, savings, investments and pensions. In terms of funding the FSA is funded by the companies it regulates. The organisation aims to protect consumers and set codes of practice. If regulated companies fail to meet these standards, action can be taken if this deemed appropriate.

In addition to regulation, the FSA is positioning itself to also support consumers. This is publicly achieved through its new consumer website which provides some useful tools such and information. For example, there are comparative tables for mortgage products and a section on financial planning that includes a debt test. There are even topics covering how and where to financial advice. For those in particular who invest on a regular basis, there is also a very useful section covering the latest scams and swindles.