COOKIE POLICY | PRIVACY POLICY | DISCLAIMER



Tel: 01403 780 770

Building and protecting your wealth

FRIDAY FAQ: What is the role of the Financial Services Authority?

Every Friday we aim to post an answer to a FAQ about mortgages, tax, investments, money matters, business or retirement. You can have your say too. Send an email with your FAQ to info@dentalandmedical.com


This does not constitute advice and advice should be sought in all instances before acting on it.


Q: What is the role of the Financial Services Authority?

Answer: The Financial Services Authority (FSA) was an independent non-governmental body, that was responsible for regulating the financial services industry in the UK from 2001 to 2013 and was originally founded in 1985 as the Securities and Investments Board.

Even though the board was appointed by the government, the FSA operated completely independently and was funded by the financial entities they regulated.

After the Financial Crisis in 2007/08, the government was under pressure from the public outcry as a result of the supposed failure of bank regulation. In response, they decided to disband the FSA and restructure financial regulation. In 2013, two new agencies were formed: The Financial Conduct Authority (FCA) and The Prudential Regulation Authority (PRA).

The FCA is now responsible for regulating the UK’s financial services industry. Their goal is to provide protection for consumers, to strengthen the market by ensuring the stability of the industry, and to foster competition between financial services providers.

The PRA is part of the Bank of England and is responsible for the prudential regulation and supervision of approximately 1,500 banks, building societies, credit unions, insurers and major investment firms. Their primary concern is to prevent the potential harm financial firms can inflict on financial instability so they aim to set standards and supervise financial institutions on a firm by firm basis.

If you need clarification on the responsibilities of each of these organisations, don’t hesitate to reach out to us.

The specialists at Dental and Medical Financial Services can help you understand their roles within the industry and direct you to the right agency should you need their expertise.


Follow us on for regular financial and mortgage updates

Twitter                     LinkedIn

If you found this article interesting, why not share it


Meet the Advisers

With over 20 years experience our advisors can help you meet your business and personal goals.


Who we Help

All our clients are doctors and dentists, just like you. As specialists we know your industry inside out.


Info & News

Make this the place you visit to keep up to speed with financial news for your sector.


Contact Us

Wherever you are in the UK we can help you build and protect your wealth.

Get Connected

to our specialist team

Tel: 01403 780 770
Email: info@dentalandmedical.com

Keep Updated

Simply register your name and email below and receive our updates direct to your inbox

Dental & Medical Financial Services News Updates

Just for doctors and dentists

Read more news

COOKIE POLICY | PRIVACY POLICY | DISCLAIMER


Dental and Medical Financial Services is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority. Company registered in England no. 9158580 Registered office: 1 Market Square, Horsham, West Sussex, RH12 1EU

© 2014 Dental & medical Financial Services. All rights reserved. Website design by Goldmine Media.