Commentary

2 Functions and objectives of the Financial Services Authority

BUILDING SOCIETIES vol 6(1)
| Commentary

2 Functions and objectives of the Financial Services Authority

| Commentary

2 Functions and objectives of the Financial Services Authority

The Financial Services and Markets Act 2000 imposes a number of duties, and confers various powers, on the Financial Services Authority (FSA), but its four statutory objectives are:

  1. 2.1

        to maintain market confidence in the financial system1;

  2. 2.2

        to increase public awareness and promote public understanding of the financial system2;

  3. 2.3

        to secure the appropriate degree of protection for consumers3; and

  4. 2.4

        to prevent and reduce financial crime4.

Further, the FSA has the following functions specifically in relation to building societies:

  1. 2.5

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial