Browse Definitions:
Definition

Financial Services Authority (FSA)

The FSA (Financial Services Authority) is an independent, non-governmental body that regulates the financial services industry in the UK, including most financial services markets, exchanges and firms. Granted statutory powers in the UK by The Financial Services and Markets Act 2000, the FSA sets standards to which such organizations must comply and can take action against them should they fail to meet required standards.

The core of the operating framework for the FSA is sometimes described by the acronym, ARROW, which stands for Advanced, Risk-Responsive Operating Framework. ARROW defines the essence of the FSA's risk-based approach to regulating financial markets, services, and firms. The statutory objectives for the FSA may be defined as follows:

  • Market confidence: maintaining public confidence in the financial system
  • Public awareness: promoting public understanding of the financial system.
  • Consumer protection: securing an appropriate degree of protection for consumers.
  • Reduction of financial crime: reducing the use of business practices for criminal purposes or activities.

The FSA is also subject to political and public accountability, and must report on how well these objectives have been met annually, subject to scrutiny by parliamentary committees. Its objectives govern how the FSA carries out its general function of making rules, dispensing guidance and advice, and determining general policies and principles. The FSA is also legally accountable, and must interpret its objectives correctly and consider them properly, or be liable to judicial review.

The FSA's principles of good regulation may be read as a series of admonitions for businesses and organizations of all kinds on how to conduct themselves well, and how to practice good citizenship at many levels. The body of guidelines covers important practices regarding efficiency and economy, proportionality, innovation, international character, and competition.

This was last updated in January 2008

Continue Reading About Financial Services Authority (FSA)

Start the conversation

Send me notifications when other members comment.

By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • PCAOB (Public Company Accounting Oversight Board)

    The Public Company Accounting Oversight Board (PCAOB) is a Congressionally-established nonprofit that assesses audits of public ...

  • cyborg anthropologist

    A cyborg anthropologist is an individual who studies the interaction between humans and technology, observing how technology can ...

  • RegTech

    RegTech, or regulatory technology, is a term used to describe technology that is used to help streamline the process of ...

SearchSecurity

  • Advanced Encryption Standard (AES)

    The Advanced Encryption Standard, or AES, is a symmetric block cipher used by the U.S. government to protect classified ...

  • spear phishing

    Spear phishing is an email-spoofing attack that targets a specific organization or individual, seeking unauthorized access to ...

  • supercookie

    A supercookie is a type of tracking cookie inserted into an HTTP header by an internet service provider to collect data about a ...

SearchHealthIT

SearchDisasterRecovery

  • call tree

    A call tree -- sometimes referred to as a phone tree -- is a telecommunications chain for notifying specific individuals of an ...

  • mass notification system (MNS)

    A mass notification system is a platform that sends one-way messages to inform employees and the public of an emergency.

  • disaster recovery as a service (DRaaS)

    One approach to a strong disaster recovery plan is DRaaS, where companies offload data replication and restoration ...

SearchStorage

  • CIFS (Common Internet File System)

    CIFS (Common Internet File System) is a protocol that gained popularity around the year 2000, as vendors worked to establish an ...

  • GlusterFS (Gluster File System)

    GlusterFS (Gluster File System) is an open source distributed file system that can scale out in building-block fashion to store ...

  • virtual memory

    Virtual memory is a memory management capability of an OS that allows a computer to compensate for physical memory shortages by ...

SearchSolidStateStorage

  • PCIe SSD (PCIe solid-state drive)

    A PCIe SSD (PCIe solid-state drive) is a high-speed expansion card that attaches a computer to its peripherals.

  • SSD caching

    SSD caching, also known as flash caching, is the temporary storage of data on NAND flash memory chips in a solid-state drive so ...

  • NVDIMM (Non-Volatile Dual In-line Memory Module)

    An NVDIMM (non-volatile dual in-line memory module) is hybrid computer memory that retains data during a service outage.

SearchCloudStorage

  • RESTful API

    A RESTful application program interface breaks down a transaction to create a series of small modules, each of which addresses an...

  • cloud storage infrastructure

    Cloud storage infrastructure is the hardware and software framework that supports the computing requirements of a private or ...

  • Zadara VPSA and ZIOS

    Zadara Storage provides block, file or object storage with varying levels of compute and capacity through its ZIOS and VPSA ...

Close