About us

The Financial Services Authority (FSA) is the UK regulator for the financial services industry. We are an independent non-governmental body, and were given our statutory powers by the Financial Services and Markets Act 2000.

Our aim is to fulfil our four statutory objectives:

We are accountable to the Treasury and through to Parliament, although we are operationally independent of the government and are funded entirely by the firms we regulate.

Supervision

Our supervision areas work with regulated firms to ensure they are well governed, financially sound and that they manage the risks inherent in their business models and markets. We do this through applying a risk- and outcomes-focused regulatory approach, intervening proactively and proportionately to deliver credible deterrence and redress.

Prudential risk

Our Prudential Insurance Risk Department covers insurance and pensions related risks and issues, including implementation and management of the Solvency II Internal Models Approval Process (IMAP).

The work of the department's specialists includes:

Policy

Our Prudential Policy Division is responsible for developing the detail of the future regulation around Solvency II. It often works in conjunction with our European colleagues in the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). It is also responsible for drafting the FSA Handbook, as well as advising Supervision colleagues and UK firms on the rules and requirements.