Industry regulators - UK
Information correct at October 2007
The Financial Services Authority Limited
25 The North Colonnade
Canary Wharf
London
E14 5HS
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. The FSA's aim is to promote efficient, orderly and fair financial markets and help retail financial service consumers get a fair deal. The government is responsible for the overall scope of the FSA’s regulatory activities and for its powers. The FSA regulates most financial services markets, exchanges and firms. It sets the standards that they must meet and can take action against firms if they fail to meet the required standards. This may lead to firms paying compensation to their customers. The FSA is the single statutory regulator responsible for the authorisation and regulation of: deposit taking (eg by banks); insurance; investment business; mortgage lending; mortgage advice; general insurance advice (eg motor, home buildings/contents and travel).
Financial Ombudsman Service ("FOS")
South Quay Plaza
183 Marsh Wall
London
E14 9SR
The purpose of the Financial Ombudsman Service is to resolve disputes between members and consumers in an independent, impartial, cost-effective, efficient, informal and fair way. The Financial Services and Markets Act 2000 provided for the creation of the Financial Ombudsman Service as a single ombudsman scheme to handle all financial services related complaints, replacing previous dispute resolution schemes.
Financial Services Compensation Scheme ("FSCS")
7th Floor
Lloyds Chambers
1 Portsoken Street
London
E1 8BN
The Financial Services Compensation Scheme (FSCS) is a safety net for customers of authorised financial services firms. FSCS can pay compensation if an authorised firm is unable, or likely to be unable, to pay claims against it. In general this is when a firm is insolvent or has gone out of business. The Scheme covers deposits, insurance policies, insurance broking, investments and mortgage advice and arranging.
Trade Associations
The Association Of British Insurers
51 Gresham Street
London
EC2V 7HQ
The Association of British Insurers ("ABI") is the trade association for insurance companies and represents virtually the whole of the UK insurance market. The ABI has developed a number of codes of conduct with which its members are required to comply.