Financial Services Authority (UK)

The Financial Services Authority (FSA) was a regulatory body in the UK responsible for overseeing financial services, including banks, insurance companies, and investment firms. Established in 2001, its main goals were to protect consumers, ensure market stability, and promote competition. However, it was criticized during the 2008 financial crisis for not effectively managing risks. In 2013, the FSA was replaced by two new bodies: the Financial Conduct Authority (FCA), which focuses on consumer protection and market integrity, and the Prudential Regulation Authority (PRA), which supervises financial stability of banks and insurers.