Findlay Steele Associates Ltd

Who are the Financial Services Authority

In his budget speech of May 1997, the newly elected labour government's Chancellor, Gordon Brown, announced the setting up of a quango to regulate the financial world. It was named NewRo. In October 1997, the government announced that, henceforth, NewRo was to be known as the Financial Services Authority (the 'other FSA'). This was six months after our good faith registration of the fsa.co.uk domain name.

Initially, the other FSA took on the duties of the old Securities and Investments Board. Its ultimate aim is to become the sole regulatory watchdog of the UK financial world. To this end, two Acts of Parliament - The Bank of England Act 1998 and the Financial Services and Markets Act 2000 were passed through parliament and eventually received Royal Assent.

The Bank of England Act 1998 transferred all bank supervisory powers to the other FSA. The Financial Services and Markets Act 2000 brings all other financial regulation under the ever expanding umbrella of the other FSA. This includes building societies, friendly societies and the Securities and Futures Authority.

My, what big boys they have become .....

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