Financial Services Authority

Set up by and responsible to the UK Parliament to regulate all parts of the financial services industry, but financed by the industry and supposedly independent. Originally set up in 1997 as successor to the Securities and Investments Board, had its scope and powers widened as from 1 Jan 2001. Subject to increasing criticism over failure to act on impending signs of financial instability and collapse of major institutions, is due to be replaced by a new system as from April 2013.