Once firms are regulated by us, we require them to meet the standards set out in our Handbook of Rules and Guidance and to supply us with information, so that we can monitor their business.
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How we supervise firms
'Supervision' is our process of monitoring and regulating firms to ensure they are complying with the regulatory requirements. |
Approved Persons
As well as authorising firms to conduct regulated activities, we 'approve' particular individuals in firms who carry out particular functions ('controlled functions'). We require firms we regulate to ensure that their staff are competent to carry out the functions for which they are employed. |
Paying Fees
The FSA is funded entirely by fees levied on the industry we regulate. We consult annually on our fee proposals. |
Reporting Requirements
In the interests of improved efficiency, we have moved to mandatory electronic reporting. Majority of the regulated firms submit their returns via GABRIEL. |
Notifications and applications
We require firms to notify us of certain changes in their business, for example a change of controller. Firms can apply to us for particular purposes - for example, to obtain a rule waiver or a variation of their permission. |
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Online Notifications and Applications (ONA)
ONA is a web-based system that will allow firms to submit regulatory applications / notifications online:
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Conduct of Business Sourcebook
COBS took effect from 1 November 2007. It replaced COB (the FSA sourcebook for investment business) and ECO (the specialist sourcebook implementing the Electronic Commerce Directive). |
Financial Promotions
Firms we regulate must ensure that 'financial promotions' that they issue - advertisements, marketing material etc - are clear, fair and not misleading. |
Treating customers fairly
Our rules require firms to treat customers fairly. We have developed material based on findings of good and poor practice to help firms understand what this requirement may mean for them. |
Enforcing the Law
Where we discover material failure to comply with our standards, we consider taking enforcement action. Where firms are thinking about covert taping and disclosure of private discussions between FSA staff whilst they are visiting firms, we consider this unacceptable and unlawful. For further details see Taping of FSA staff. |
Unfair contract terms
We have powers under the Unfair Terms in Consumer Contract Regulations 1999 (the Regulations) relating to the fairness of terms in standard form consumer contracts. |
Training and competence
Our training and competence (T&C) regime helps to support our consumer protection objective. It aims to ensure that customers in the regulated financial services markets deal with firm employees who are competent. |
