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The history of the Financial Services Authority

The Financial Services Authority (FSA) has been the leading regulator in the UK financial markets sometime although over the last two years the FSA has become embroiled in a number of controversies with the government, the banking industry and the business arena as a whole. Officially the FSA is independent of the government of the day but the fact that the UK Treasury appoints the board of the FSA would seem to be at odds with his independence criteria, something which has become more visible over the last couple of years.

Originally known as the Securities and Investments Board (SIB), the FSA (in its early form) came into being on 7 June 1985. The amalgamation of a number of financial regulators in the UK strengthened the power of the SIB which changed name to you Financial Services Authority on 28 October 1997. The powers held by the FSA are denominated in the Financial Services and Markets Act 2000 which came into effect on 1 December 2001 and replaced all earlier regulations. The FSA has the power to regulate banks, insurance companies, financial advisers, mortgage businesses and general insurance companies making it perhaps the most influential regulator in UK history.

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