Abolition of the Financial Services Authority

Posted by admin on  |  Category: Industry

Financial Conduct Authority are now regulating insurers and intermediaries.

In the wake of the Financial Crisis, the Government has passed legislation which has abolished the Financial Services Authority (FSA). Previously the FSA regulated the entire financial sector - banks, insurers and insurance intermediaries of every type. From 1 April 2013 regulation of the banks has returned to the Bank of England under a new Prudential Regulatory Authority and the FSA has been replaced by the Financial Conduct Authority (FCA) which will now regulate insurers and intermediaries.