the Financial Services Authority
/ðə faɪˌnænʃl ˈsɜːvɪsɪz ɔːθɒrəti/, /ðə fəˌnænʃl ˈsɜːvɪsɪz ɔːθɒrəti/
/ðə faɪˌnænʃl ˈsɜːrvɪsɪz əθɔːrəti/, /ðə fəˌnænʃl ˈsɜːrvɪsɪz əθɔːrəti/
(abbreviation the FSA)
- an independent organization set up in 1985 (then called the Securities and Investments Board) to control the UK financial services industry, including banks, insurance companies, credit card companies, etc. It changed its name to the Financial Services Authority in 1997. It was paid for by the industry itself and its job was to encourage good business practices, protect customers, deal with complaints and reduce financial crime. It was closed in 2013 and its work is now shared by two new organizations, the Financial Conduct Authority and the Bank of England's Prudential Regulation Authority.
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the Financial Services Authority