The Financial Services Authority (FSA) was a quasi-judicial body answerable for the regulation of the financial services industry in the United Kingdom between the year 2001 and 2013. It was mainly founded as the Securities and Investments Board (SIB) in the year 1985. Its board and was appointed by the Treasury, although it operated independently of government. It was mainly structured as a company limited by guarantee and was sponsored entirely by fees charged to the financial services industry.
Due to apparent regulatory failure of the banks during the financial crisis of the period 2007–2008, the UK government decided to restructure financial regulation and eliminate the Financial Services Authority. On 19th December 2012, the Financial Services Act 2012 received imperial assent, abolishing the Financial Services Authority with effect from 1 April 2013. Its tasks were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England. Until its closure, Lord Turner of Ecchinswell was the FSA’s chairman and Hector Sants was CEO until the end of June 2012, having proclaimed his resignation on 16 March 2012. The main office was in Canary Wharf, London, with another office in Edinburgh. When acting as the experienced authority for listing of shares on a stock exchange, it was referred to as the UK Listing Authority (UKLA), and continued the Official List.
Products and Services-
Fsa offers the following services to its customers-
- Stafford Loan
- Pell Grant
- Federal Perkins Loan
- Federal Work-Study Program
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