| Every country that has a banking and
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| | financial transactions and stock market
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| finance system needs some sort of entity
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| | exchanges within the UK . They also
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| to regulate it... after all, simply
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| | maintain websites that detail how
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| allowing banks and financial companies to
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| | individuals and businesses within the UK
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| run independently without any sort of
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| | can improve their financial capability,
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| system of checks and balances would
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| | as well as upholding the rules of trade
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| almost certainly lead to corruption and
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| | in regards to finances and securities
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| disaster. In the UK , the regulatory
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| | when dealing with other countries or
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| entity of the financial system is the
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| | political unions. The FSA is also in
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| Financial Services Authority, or the FSA,
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| | charge of monitoring securities exchanges
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| and is operated independently of the
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| | within the UK , and taking steps to
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| government in an effort to offer a
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| | actively avoid market fraud and illegal
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| non-governmental control of the financial
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| | trade.How the FSA OperatesThe Financial
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| industry.History of the FSAThe Financial
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| | Services Authority is an open company,
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| Services Authority came into being as a
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| | limited by guarantee and financed by the
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| result of the Financial Services and
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| | financial services industry itself. The
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| Markets Act of 2000. The first step in
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| | FSA is run by the FSA Board, which
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| the creation of this act was the merger
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| | consists of a Chairman, the Chief
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| of banking supervision and investment
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| | Executive Officer, three Managing
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| services regulation into an organization
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| | Directors, and ten Non-Executive
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| known as the Securities and Investment
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| | Directors, one of whom serves as the
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| Board, or SIB, in 1997. In October of
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| | Deputy Chairman who is the lead
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| 1997, the SIB formally changed its name
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| | non-executive member. Overall policy is
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| to the Financial Services Authority, and
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| | decided upon and set by the Board as a
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| the responsibility for banking
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| | whole, though day-to-day operations and
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| supervision was transferred to the FSA
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| | staff management is performed by the
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| from the Bank of England a year later. In
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| | CEO.FSA Board AccountabilityThe FSA Board
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| May of 2000, the FSA took over the role
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| | is appointed by the Treasury, and though
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| of the UK listings authority from the
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| | it is not a government agency in and of
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| London Stock Exchange.When the Financial
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| | itself it is accountable for its actions
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| Services and Markets Act went into effect
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| | to the government and must report to the
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| in 2001, several other financial services
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| | Ministers of the Treasury. Because of
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| were merged into the FSA and additional
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| | this, great care is taken in the choosing
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| responsibilities were granted to the
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| | of new Board members should one retire of
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| organization (such as the ability to take
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| | leave the Board.Due to the nature of the
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| action to prevent market abuse.) In 2004,
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| | FSA and the influence that it has upon
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| the FSA was granted the abilities of
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| | the economy of the UK, the Board is also
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| mortgage regulation following a decision
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| | accountable to Parliament through its
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| by the Treasury, and in January of 2005
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| | dealings with the Treasury, and any
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| the FSA took over regulation of the
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| | indiscretions on the part of Board
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| general insurance business to implement
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| | members will be dealt with accordingly
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| the Insurance Mediation Directive.What
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| | either by the rest of the Board, the
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| the FSA DoesIn short, the Financial
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| | Ministry of the Treasury, or Parliament
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| Services Authority is in charge of
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| | itself.
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| monitoring and regulating all of the
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