Financial Services Authority

As a resident of the UK you might have read about the FSA or Financial Service Authority if you are trying to keep track of the current economy.  The Financial Service Authority is a regulator for businesses in the financial sector.  They are the ones who look at complaints regarding unfair charges or other issues along with the Office of Fair Trading.

The Financial Services Authority has a website www.fsa.gov.uk.  They are a government led website with plenty of news items to share with you.  You can also join the website for web alerts on new articles you might be interested in.

So what exactly is the Financial Services Authority in plain speak?  They are a non- governmental body that regulates the financial services industry that was created by the government.  In other words those who work for the FSA don’t work for the government, but regulate the financial industry with money that is not from the government.  They get their money through investors, fees, and other areas.

What they do as a business is make sure that promoting and fair markets are offered, retail consumers receive a fair deal, and they try to improve businesses.  More than regulation they have answers to any questions you might have regarding the current issues going on in the market.  For example if you are wondering what is happening with Woolworths you can find current and up to date information about the rules and principles they supposedly breached.
They have other publications as well like handbooks, notices, speeches they have written about, and even credit card information.  www.fsa.gov.uk has just about anything a consumer or business would need to know.

If you are trying to open a successful business you would need to know the requirements for that business, the practices you will be required to follow and any regulations that could affect your license.  They deal in small firms and large firm information such as insurance, mortgage, motor, financial advice, and credit unions.

More than just what is on the home page you have articles regarding financial information and consumer products.  If you need to know about the current bank account options, credit cards, equity release, funeral options, and even what to do for planning for the future, that information can be found on www.fsa.gov.uk.

They have three basic steps on their website for consumers: the basics for starting out life after college, life events to plan for, and getting older.  These categories have plenty of information directed at the time in your life that you might need them.  For example consumers can find out how to start a pension plan and how much they need to contribute in the next thirty years to plan for their future.

If you would like to know how businesses are regulated such as travel firms for the insurance there are constant updates regarding that industry and others on www.fsa.gov.uk.  Overall there is a place to contact the FSA if your questions aren’t answered by the website.