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London has fast become one of the major financial hubs across the world and these financial services have become the main source of wealth for the country’s economy. The Financial Service Authority or the FSA is the first incorporated fiscal service controller, which came into existence after the unification of several finance service bodies between 1996 and 2000 . The Financial Service Authority or the FSA is governed by the Financial Services and Markets Act 2000 (FSMA).

The Financial Service Authority or the FSA has an yearly budget of over  270 million and staffs about 3000 employees which help out with a complete range of financial activities of the Financial Service Authority. The legislative goals of the FSA are as follows: 1. The FSA functions as such to maintain the confidence of the various economic institutions in the financial system; 2. To promote a general understanding of the financial system to the public; 3. To secure a suitable measure of safety for consumers; and 4. To trim down the degree to which regulated trade and other production houses can be used for any kind of monetary crime.

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The main work of the FSA is to make available the possibility for the growth and liberation of legal financial business contained by an outline of methodical and logical oversight that stimulates conviction and acquiescence with the regulation among market contributors as well as end customers. The FSA has set eleven rules or guidelines for the trade which encompass the requirement of firms under the regulatory structure. This structure of rules and guidelines for regulated businesses has been appropriately laid down in an 8000 page Handbook.

It has an assortment of corrective, communal and illegal powers which it can use in opposition to firms which violate the rules. According to the FSA, the eleven rules laid down for a form as follows: 1. Any firm, business, or a trade must carry on all its activities with honesty; 2. The firm must uphold its actions with due skill, concern and assiduousness; 3. The firm is responsible to take care of the affairs in an effective manner, and also provide passable risk supervision schemes and systems; 4. The management is responsible for maintaining sufficient financial resources;

5. Scrutinize and monitor appropriate principles of market behavior; 6. Pay due consideration to the interests of its patrons and take care of them fairly; 7. Also give importance to the needs of the clients who are looking for information from the firm, and be able to communicate with them in an unambiguous, reasonable manner which is not in any way misleading; 8. Administer conflicts of importance fairly that exist between the firm and clients at any time which may also involve the third party at times;

9. Take levelheaded care to make sure the appropriateness of its recommendation and optional assessment for any customer who is entitled to rely upon its decision; 10. Organize ample fortification for clients’ property and possessions when the firm is responsible for them; and 11. At last the firm needs to deal with the regulators in an open and friendly manner and must cooperate with them and also disclose to the FSA any matter which they regard to be noticeable.

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Kylie Garcia

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