FSA

On 1 December 2001 the FSA assumed its full powers and responsibilities under the Financial Services and Markets Act 2000. It is the single statutory financial regulator in the UK, having taken over the work of a total of nine previous watchdog bodies with responsibilities ranging from covering the sale of insurance to controls on City dealers trading in derivatives.

Almost all kinds of financial services firms must get permission (authorisation) from the FSA to do business in the UK. The FSA regulates banks, building societies, credit unions, insurance and investment firms (stockbrokers and fund managers) and independent financial advisers.

The FSA is also responsible for Lloyd�s Insurance Market. In 2004 its powers will be extended to cover general insurance advice and mortgage lending and advice. The FSA does not cover loans, credit, debt and does not regulate occupational pension schemes and their administration