The UK’s statutory financial regulator. Almost all kinds of financial services firms must secure FSA authorisation. It regulates and monitors banks, building societies, friendly societies, Lloyd’s, credit unions, insurance and investment firms (stockbrokers and fund managers) and independent financial advisers. The FSA does not cover loans, credit and debt, and does not regulate occupational pension schemes. The FSA has powers to investigate, discipline and prosecute, and can impose unlimited fines on anyone guilty of market abuse. The FSA’s four objectives are: maintaining market confidence; promoting public understanding of the financial system; protecting consumers; fighting financial crime. See FSA HANDBOOK. (Visit www.fsa.gov.uk).