Financial Services Authority
- = FSAAn independent, nongovernmental body that regulates the financial services industry in the UK. It was set up in 1997 and given statutory powers by the Financial Services and Markets Act (2000). The FSA is financed by the industry and its board, which consists of a chairman, a chief executive officer, three managing directors, and 11 nonexecutive directors (including the deputy chairman), is appointed by the Treasury. The Financial Services and Markets Act specifies four statutory objectives for the FSA:• to maintain market confidence;• to promote public understanding of the financial system;• to ensure a satisfactory degree of consumer protection;• to reduce the extent to which it is possible for a business carried on by a regulated person to be used for a purpose connected with financial crime.
Accounting dictionary. 2014.
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