In 1997 the Chancellor of the Exchequer announced reforms to financial services regulation in the UK. As part of those reforms the FSA was created from the Securities and Investments Board.
The FSA took over responsibility for:
After 1997 the Government gave the FSA additional responsibilities including:
In the wake of the financial crisis, the Financial Services Act of 2012 set out a new system for regulating financial services in order to protect and improve the UK’s economy.
Our purpose is to make sure markets work well so that consumers get a fair deal. We:
The Journey to the FCA set out how we will approach our regulatory objectives and how we intend to achieve a fair deal in financial services for consumers.
The PRA is part of the new system for regulating financial services in the UK. The PRA works alongside us and is responsible for the prudential supervision and regulation of banks, building societies, credit unions, insurers and investment firms. Read more about the PRA.
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