Financial Services Authority

This article is about Financial Services Authority in the United Kingdom. For FSA in Indonesia, see Financial Services Authority (Indonesia).

Financial Services Authority
Agency overview
FormedDecember 2001
DissolvedApril 2013
Superseding agency
JurisdictionUnited Kingdom
Headquarters25 North Colonnade
London, United Kingdom
Employees3,801
Agency executive

The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry.[1][2]

Due to perceived regulatory failure of the banks during the financial crisis of 2007–2008, the UK government decided to restructure financial regulation and abolish the FSA.[3] On 19 December 2012, the Financial Services Act 2012 received royal assent, abolishing the FSA with effect from 1 April 2013. Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England.

Until its abolition, Lord Turner of Ecchinswell was the FSA's chairman[4] and Hector Sants was CEO until the end of June 2012, having announced his resignation on 16 March 2012.[5]

Its main office was in Canary Wharf, London, with another office in Edinburgh. When acting as the competent authority for listing of shares on a stock exchange and maintaining the Official List, it was referred to as the UK Listing Authority (UKLA).[6]

  1. ^ "Who are we?". FSA.gov.uk. Archived from the original on 17 October 2015. Retrieved 9 April 2012.
  2. ^ "NDS.coi.gov.uk". NDS.coi.gov.uk. Archived from the original on 26 March 2009. Retrieved 9 August 2011.
  3. ^ George Parker and Brooke Masters (16 June 2010). "Osborne abolishes FSA and boosts Bank". Financial Times. Archived from the original on 10 December 2022.
  4. ^ Lord Turner confirmed chairman of FSA in its hour of need Archived 23 September 2008 at the Wayback Machine
  5. ^ Michelle Abrego. "FSA chief exec Hector Sants quits". New Model Adviser.
  6. ^ "FSA.gov.uk". FSA.gov.uk. Archived from the original on 13 June 2011. Retrieved 9 August 2011.