FSA Info Part 2
FSA UK Background & Information part 2
The Financial Services and Markets Act imposed a total of 4 objectives on the FSA.
These are Statutory Objectives which means they are legally bound to do these four things which is an important point to note when you are looking at this from the standpoint of a consumer who has lost under the watchful eye and indeed full control of the Financial Services Authority. Statute Law has been created in the form of the Financial Services and Markets Act in order to empower the FSA with sufficient authority to carry out regulation of the industry.
The FSA’s four statutory objectives are as follows:
• Market Confidence: Maintaining confidence in the financial system
• Public Awareness: Promoting public understanding of the financial system;
• Consumer Protection: Securing the appropriate degree of protection for consumers; and
• Reduction of financial crime: Reducing the extent to which it is possible for a business carried on by a regulated person can be involved with financial crime.
To continue reading about the Financial Services Authority, please go to Page 3
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