Financial Services Authority (FSA)
FSA (Financial Service Authority) is UK’s government agency, which regulates the financial companies that are offering their services to customers and at the same time maintain integrity of the financial markets of United Kingdom. It emphasizes primarily on the regulation of rules & conduct by both the wholesale & retail financial firms.
The primary goal of FSA is to make certain the industry stays stable, protects their clients and encourages a healthy competition amongst the financial companies. For this purpose they have created specific rules & regulations and stay fair & devoted towards their cause to follow the rules & regulations.
FSA has a well planned structure which comprises of several committees, board & Executive committees. Users could even view the organizational chart of FSA and get extra info regarding the divisions in every section on their site.
There are several committees that govern FSA. The policies of FSA at set by the board and the everyday decisions and management of the staff is handled by Executive Committee. Besides this, the organization is free of Government and is wholly funded by numerous companies that are regulated by them.
The FSA is in fact a open & transparent organization that gives relevant info for clients, companies along with other things such as plans, goals & rules.
Moreover, the consumers can even complain if they aren’t satisfied with financial products. You can visit their site and file your complaint while following some of their steps.
However, the only trouble is that they don’t do investigations on individual firms. In case the financial company or a person fails to follow rules of authority then actions will be taken against them.