Regulating Financial Services: index
In 1997 significant changes were made to the UK’s regulatory framework. A single statutory body for financial regulation, the Financial Services Authority (FSA), was set up. In addition a tripartite structure for overseeing the UK financial system was established, with distinct roles for the Treasury, the Bank of England and the FSA.
Consultation on Financial stability and depositor protection: strengthening the framework
NAO Report on the Financial Services Authority
In June last year, the Treasury used its powers under section 12 of the Financial Services and Markets Act 2000 to invite the National Audit Office (NAO) to carry out the first review into the economy, efficiency and effectiveness with which the Financial Services Authority has used its resources when discharging its statutory functions.
The NAO was asked to examine five main areas that were arrived at in consultation with key FSA stakeholders. These were:
- An audit of the FSA's emerging performance management framework; and
- An assessment of the FSA's use of resources in relation to its objectives and activities covering: financial crime; financial capability; joint-working with other domestic regulators; and international influence and representation.
PDF file of the review under section 12 of the Financial Services and Markets Act 2000 (NAO website)
Full response to the NAO report from the FSA (NAO website)
Financial Services and Markets Act
The Financial Services and Markets Act, which came into force on 1 December 2001, gave the FSA its statutory powers.
Information and legislation relating to the Financial Services and Markets Act