Overview
The Financial Services Authority (FSA), which operated between 2001 and 2013, was a quasi–judicial body responsible for regulating the financial services industry in the United Kingdom.
Established as the Securities and Investments Board (SIB) in 1985, it was appointed by the Treasury and operated independently of the government. It was organized as a company limited by guarantee, with its funding coming entirely from fees charged to the financial services sector.
Following the financial crisis of 2007–2008, the UK government chose to restructure financial regulation and abolish the FSA. On 19 December 2012, the Financial Services Act 2012 was passed, officially disbanding the FSA from 1 April 2013. Its responsibilities were then distributed between the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England.
Lord Turner of Ecchinswell was the FSA‘s chairman until its dissolution, and Hector Sants was CEO until his resignation in June 2012. The FSA‘s primary office was located in Canary Wharf, London, with another located in Edinburgh. When regulating listings of shares on a stock exchange and maintaining the Official List, it was known as the UK Listing Authority (UKLA).
