Financial Services Authority Definition

See All Glossary Terms

Related Glossary Terms

Financial Services and Markets Act 2000

Related Legislation Acts

GLOSSARY

/fʌɪˈnanʃ(ə)l/ /ˈsəːvɪs/ /ɔːˈθɒrɪti/

Published by a UU��ֱ�� Pensions expert

What does Financial Services Authority mean?

The Financial Services Authority was the regulator in charge of overseeing banking and investment services.

The Financial Services Authority was the regulator for the financial services industry, in charge of the regulation of banks, building societies, friendly societies, industrial and provident societies and credit unions and insurance companies, and it was also responsible for the regulation of Lloyd's of London. The Authority was the competent authority for official listing. The Authority had various powers, including powers aimed at combating market abuse, powers to recognise and supervise investment exchanges and clearing houses, powers in relation to competition scrutiny, powers to regulate open-ended investment companies, and powers to oversee the ombudsman scheme and the compensation scheme. It had rule-making powers and powers to give guidance; for the most part the rules and guidance are contained in the Financial Services Authority's Handbook of Rules and Guidance. The Financial Services Authority was renamed the Financial Conduct Authority by the Financial Services and Markets Act 2000, s 1A(1), as from 1 April 2013.

Banking & Finance

The Financial Services Authority was the regulator in

View the related checklists about Financial Services Authority

FCA consultation paper tracker—2019 [Archived]

FCA consultation paper tracker—2019 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2019, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper trackers. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker [Archived] • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/Handbook Notice BrexitAuthorisation, approval and supervisionComplaints, compensation and claims managementRegulation of capital marketsPayment services and systems Regulation of personal pension and stakeholder products CP19/33: Quarterly Consultation No 26 The Financial Conduct Authority (FCA) has published Quarterly Consultation Paper No 26 (CP19/33), in which it consults on proposed miscellaneous amendments to the FCA Handbook:—clarification of the rules relating to Financial Services Compensation Scheme claims against appointed representatives and principals—changes to the Listing Rules’ requirements, which cross-refer to the Prospectus Regulation, for information to...

The regulators—checklist [Archived]

The regulators—checklist [Archived] 'Twin peaks' regulatory structure The financial crisis of 2007–2008 led to a wholesale revision of the regulatory architecture in the UK. The resulting system, which took effect on 1 April 2013, has been labelled 'twin peaks' regulation. The twin peaks regulatory structure involves separating prudential regulation (carried out by the Prudential Regulatory Authority (PRA) in respect of insurers, banks, building societies, credit unions and systemically important investment firms) and conduct regulation (carried out by the Financial Conduct Authority (FCA) (the FCA is also responsible for prudential regulation of investment firms that are not systemically important). The regulatory system also comprises the Bank of England (the Bank) and its Financial Policy Committee (FPC) and the Payment Systems Regulator (PSR), a subsidiary of the FCA that began operating in 2015. For an illustration of the regulatory structure, see Practice Note: Regulatory structure diagram. For more information on the UK regulators, see Overview: UK regulators—financial services—overview and for more information on how they interact with each other as well as...

FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

FCA suitability rules

FCA suitability rules Background to FCA suitability requirements This Practice Note looks at the suitability rules of the Financial Conduct Authority (FCA). For specific guidance on establishing the risk a customer is willing and able to take and making a suitable investment selection, see Practice Note: Establishing risk and suitable investment selections. The conduct of business rules in relation to investment business can be found in the FCA Handbook in the Conduct of Business sourcebook (COBS). In 2006, the FCA's predecessor, the Financial Services Authority (FSA) reformed COBS to implement the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). MiFID has been replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II Directive) and the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR) (together with the MiFID II framework). Both the MiFID II Directive and MiFIR entered into force on 2 July 2014. As amended, the majority of the MiFID II framework has applied since 3 January 2018, and EU Member States had until 3...

Discover our 229 Practice Notes on Financial Services Authority

Executive service agreement

Executive service agreement This Agreement is made on [date] Parties 1 [Name of company], a company incorporated in England with registered number [number] whose registered office is at [address] (the Company); and 2 [Name of employee], of [address] (you). The parties agree: 1 Definitions and interpretation 1.1 In this Agreement the following expressions will, unless the context otherwise requires, have the meanings set opposite them: Basic Salary • the meaning given to it in Clause 8.1; [Board • [the directors of the Company present at a meeting (i) of directors of the Company or (ii) of a duly appointed committee of directors of the Company[, such meeting to be convened and quorate in accordance with the articles of association of the Company and the Companies Act 2006] OR the directors of the Company present at a meeting of directors of the Company[, such meeting to be convened and quorate in accordance with the articles of association of the Company and the Companies Act 2006] ];]...

Executive service agreement (Scotland)

Executive service agreement (Scotland) This Agreement is made on [date] Parties 1 [Name of company], a company incorporated in [Scotland] with registered number [number] whose registered office is at [address] (the Company); and 2 [Name of employee], of [address] (you). The parties agree: 1 Definitions and interpretation 1.1 In this Agreement the following expressions will, unless the context otherwise requires, have the meanings set opposite them: Basic Salary • the meaning given to it in Clause 8.1; [Board • [the directors of the Company present at a meeting: (i) of directors of the Company or (ii) of a duly appointed committee of directors of the Company[, such meeting to be convened and quorate in accordance with the articles of association of the Company and the Companies Act 2006] OR the directors of the Company present at a meeting of directors of the Company[, such meeting to be convened and quorate in accordance with the articles of association of the Company and the Companies...

Dive into our 2 Precedents related to Financial Services Authority

When appointing an administrator under paragraph 22 of Schedule B1 to the Insolvency Act 1986, what is the effect of a failure to obtain the consent of the Financial Conduct Authority or the Prudential Regulatory Authority to the appointment?

When appointing an administrator under paragraph 22 of Schedule B1 to the Insolvency Act 1986, what is the effect of a failure to obtain the consent of the Financial Conduct Authority or the Prudential Regulatory Authority to the appointment? There are a number of conflicting cases regarding the effect of failure to obtain prior Financial Conduct Authority (FCA)/Prudential Regulatory Authority consent and whether this amounts to a curable or incurable defect. In M.T.B Motors, His Honour Judge Hodge QC concluded that the failure to lodge the consent of the relevant regulator (then the Financial Services Authority) rendered the purported appointment void and not capable of being cured under either Insolvency Rules 1986, SI 1986/1925, reg 7.55 nor paragraph 104 of Schedule B1 to the Insolvency Act 1986 (IA 1986). However, His Honour Judge Arnold in Re Ceart Risk Services Ltd considered that the lack of regulator consent was not so fundamental so as to invalidate the appointment but that the appointment took effect from the date consent was...

Refusing a data subject request—what is ‘manifestly unfounded or excessive’?

Refusing a data subject request—what is ‘manifestly unfounded or excessive’? The General Data Protection Regulation (GDPR) provides for enhanced rights for data subjects, including providing rights of access, rectification, erasure and restriction of processing, data portability, a right to object to processing and a right not to be subject to a decision based solely on automated processing, including profiling, with strict time limits for complying. Where a data subject request is manifestly unfounded or excessive, in particular because of its repetitive character, you can either: • charge a reasonable fee taking into account the administrative costs of providing the information or communication or taking the action requested—see Precedent: Response to data subject request—all rights—charging a fee or extension of time to respond • refuse to act on the request Each request must be considered individually on a case-by-case basis. You bear the burden of demonstrating the request is manifestly unfounded or excessive. In order to do so, you should keep a record of your reasoning. Where...

See the 13 Q&As about Financial Services Authority

Insolvency, revenue law, and civil procedure (The Commissioners for HMRC v Payroll & Pension Services (PPS Umbrella Company) Ltd)

Restructuring & Insolvency analysis: The Court of Appeal held that HMRC, when applying without notice for an order appointing provisional liquidators, must give an unlimited cross-undertaking in damages as they are not acting in a law enforcement capacity. Written by Timothy Harry, barrister at Maitland Chambers, and Ben Elliott, barrister at Pump Court Tax Chambers.

Why timing makes UK libor judgments controversial

Law360: On March 27, in R v Hayes and Palombo,* the Criminal Division of the UK Court of Appeal looked at the question of whether the convictions of Tom Hayes and Carlo Palombo were safe in the London and Euro Interbank Offered Rates, known as Libor and Euribor, cases.

Read the latest 396 News articles on Financial Services Authority

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Case studies

"It's hard to quantify, right now. But at a guess, I'd say it's probably more than 50% faster, at times. It's literally that quick. We've found to be an essential practical tool. We're very satisfied."

Walsall Council

Access all documents on Financial Services Authority

GET ACCESS NOW

Top

Trial

UU��ֱ��

GLOSSARY