The Financial Services Authority.

The Financial Services Authority ( FSA) was set up by the Financial Services and Markets Act 2000 (FSMA). That act gave the FSA its powers and have since been extended. Its is independent of government but is accountable to the Treasury and Parliament. It is entirely funded by the firms it regulates.

The FSA regulates most financial services markets, exchanges and firms. The objective is to maintain market confidence, contribute to the protection  and enhancement of the  stability of the financial services market in the UK, protecting the consumer and fighting financial crime.The FSA only intervenes when there is a market failure and when the benefits of doing so are likely to outweigh the costs.

The FSA don’t deal with your complaint or claim for compensation from financial advisors.

They have set out a procedure to follow which involves making an initial complaint or claim to the business. The business has to respond within 8 weeks. If the matter cannot be resolved then a claim is made to the Financial Ombudsman Service which must be made within 6 months of notification by the business.

If the firm is in liquidation or administration check to see whether it has been declared in  default by checking the FSA register. If it is then a complaint is made to the Financial Services Compensation Scheme. If the firm is not in default yet submit your claim to the Administrator.

If an issue arises or a large number of complaints about a organisation are made then the FSA may intervene to secure compensation from financial advisors.

For advice as to claims against financial advisors call today or complete one of our enquiry forms.


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