About us
The FSA is an independent, non-governmental body set up to regulate the UK's financial services industry. So we have an amazing insight into an industry that touches millions of ordinary people every day. The FSA has four statutory objectives:
market confidence: maintaining confidence in the financial system;
public awareness: promoting public understanding of the financial system;
consumer protection: securing the appropriate degree of protection for consumers;
reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.
So our outlook is simple: we exist to champion efficient, orderly and fair markets, safeguard the interests of consumers and contribute to the success of the country.
For our Associates and Relationship Managers, who work within our Retail or Wholesale business units, this means assessing and reducing risk in the firms under their responsibility.
For our prudential risk professionals this means supporting our relationship management supervisory teams with independent risk assessments and market analysis.
Retail
Within the retail arena, we work across a diverse portfolio of firms - ranging from banks, insurance companies and global fund management firms to IFAs and stockbrokers. By raising standards within firms, ensuring that they are well managed and soundly capitalised, we deliver safe and secure retail financial markets for consumers across the country.
Two initiatives are key to our work with retail firms:
The Treating Customers Fairly (TCF) initiative is about helping firms give the very best service to their customers - many of whom are seeking advice on some of the biggest financial commitments they will ever make.
The Banking Reform initiative is a series of proposals from the Chancellor of the Exchequer aimed at strengthening the current framework for financial stability, reducing the likelihood or impact of banks facing difficulties and protecting depositors.
Wholesale
Within the wholesale arena, we work with firms that primarily conduct 'wholesale' business, including investment banks, certain deposit-takers, Lloyd's of London, London market insurers, re-insurers, corporate finance firms, venture capital firms and institutional asset managers.
The purpose of the Wholesale Firms Division is to promote efficient, orderly and clean financial markets. This is achieved through effective and proportionate risk-based supervision which is the responsibility of the Relationship Managers. The wholesale financial market is the bedrock of the overall financial system. Without a stable and robust wholesale platform, it is impossible to have an effective retail sector and provide an appropriate degree of protection to consumers and small businesses.