Financial Services Authority facts for kids

The Financial Services Authority (FSA) was a group in the United Kingdom. Its main job was to make sure banks and other companies dealing with money followed the rules.

The UK government's money department, called the Treasury, chose the FSA's leaders. The FSA was a special company owned by the UK government. Its main office was in Canary Wharf, London. It also had an office in Edinburgh.

When the FSA helped companies put their shares on the stock exchange, it was known as the UK Listing Authority (UKLA).

What Did the FSA Do?

The FSA was created in December 2001. Its main goal was to protect people who used financial services. This included making sure banks, insurance companies, and investment firms were honest.

The FSA also aimed to keep the UK's financial system stable. It wanted to make sure that these companies were strong and reliable. This helped prevent big problems in the money world.

Why Was the FSA Changed?

In June 2010, George Osborne, who was the UK's finance minister at the time, announced big changes. He said the FSA would be closed down.

Its responsibilities were then split up. New groups took over different parts of its work. The Bank of England also took on some of its jobs. The FSA officially stopped working in April 2013.

Who Led the FSA?

During its time, important people led the FSA. Lord Turner of Ecchinswell was the Chairman. Hector Sants was the Chief Executive Officer (CEO). These leaders helped guide the FSA in its work.

Where Was the FSA Located?

The main office of the FSA was at 25 North Colonnade in Canary Wharf, London. This area is a big business district. It was a central place for the FSA to do its work.

Images for kids

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  Main entrance – 25 North Colonnade (Canary Wharf, London) – FSA building

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  25 The North Colonnade

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  Lord Turner, Chairman of the Financial Services Authority.