Who are the FSA?
The Financial Services Authority is probably the largest regulatory body in the United Kingdom. Following the Financial Services and Markets Act 2000, it took over the responsibility of regulating almost the whole of the financial services industry, from independent financial advisers through to Banks. The FSA is responsible for the investigation of a variety of criminal offences in addition to its regulatory role. It has wide-ranging powers to investigate: • Mis-selling of financial services; • Insider share trading; • Regulation and disciplinary matters relating to approved persons or authorised firms; • Perimeter breaches, where an unauthorised person has carried out a regulated activity; • Market rigging; • Misleading or obstructing an FSA investigation.
