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Your Money. Personal Finance. Your Practice. Popular Courses. Following the financial crisis of , government officials decided to revise the regulatory structure of the financial markets in the U. The Financial Services Authority was dissolved in April Article Sources. Investopedia requires writers to use primary sources to support their work. The FSA was accountable to UK's Treasury Ministers, and through them to Parliament, though it was operationally independent of government and was funded entirely by the firms it regulates.
An open and transparent organization, the FSA provided full information for firms, consumers and others about its objectives, plans, policies and rules. That includes information specifically for consumers on financial products, regulation and their rights. FSA was given a wide range of rule-making, investigatory and enforcement powers to meet a few statutory objectives:.
Chancellor George Osborne first announced the changes in June of , as a shake-up of the country's bank-regulatory system aiming to make it clear who is in charge of supervising the financial services sector and avoid a recurrence of failing banks and big state-backed bailouts.
The changes give the Bank of England more power in supervising the financial sector and preventing systemic risks.
The Board sets FSA's overall policy, but day-to-day decisions and management of the staff are the responsibility of the executive. In May , the Chancellor of the Exchequer announced the reform of financial services regulation in the UK and the creation of a new regulator.
This involved merging banking supervision and investment services regulation into the Securities and Investments Board SIB. The first stage of the reform of financial services regulation was completed in June , when responsibility for banking supervision was transferred to the FSA from the Bank of England.
In determining such policies, the Board of Governors follows any policy guidelines which may be set by Government. The Chairman of the Authority chairs the Board of Governors. A Regulatory Committee Reg Co is established as a sub-committee of the Executive Committee which will co-ordinate and manage regulatory, authorisation and supervisory matters.
The Ex Co will be composed of the Chief Executive Officer and the senior leadership team which will be composed of the General Counsel who is responsible for legal, EU and International affairs , and the Chief Officers responsible for:. Legal advice and assistance to the Board of Governors and other organs of the Authority is provided by the Legal Office, which is also responsible for co-ordinating all international and European affairs.
The Audit Committee is established by and reports to the Board of Governors. Acting independently, the Audit Committee assists the Board of Governors in its oversight responsibilities for the internal governance, internal control environment, financial statements, risk management and internal audit function of the Authority.
The Resolution Committee is empowered to take resolution decisions. The Enforcement Decisions Committee which acts independently from the Executive Committee, is established in order to provide a clear line of demarcation between authorisation, supervision and enforcement within the financial services industry.
For the better performance of its functions, the Authority shall collaborate with other local and foreign bodies, Government departments, international organisations, with the European Securities and Markets Authority ESMA , the European Banking Authority EBA and colleges of supervisors, the European Insurance and Occupational Pensions Authority EIOPA , the European Systemic Risk Board ESRB , the European Central Bank ECB , the Single Resolution Board SRB and other entities which exercise regulatory, supervisory or licensing powers under any law in Malta or abroad or which are otherwise engaged in overseeing or monitoring areas or activities in the financial services sector and the registration of commercial partnerships, and to make arrangements for the mutual exchange of information and for other forms of assistance in regulatory and supervisory matters.
The MFSA carries out its supervisory functions based on a combination of ongoing off-site supervision and onsite supervisory visits and examinations. To this end, the MFSA has been vested with extensive regulatory, investigative and enforcement powers, including the power to:.
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