Information: Rules & Regulations

Whichever trading method you use, it is useful to know about the government departments whose job it is to maintain and monitor the Financial Services. Click on the links to find out more about each department.

The FSA (Financial Services Authority) is an independent body that regulates the financial services industry in the UK. They have a wide range of rule-making, investigatory and enforcement powers. 

The HM Treasury is responsible for the relevant legislation (FSMA) and for the general framework of regulation.

The Bank of England, under the Bank of England Act 1998, has as its objectives maintaining price stability and subject to that, supporting the Government’s economic policy. The FSA has a Memorandum of Understanding with HM Treasury and the Bank of England. This explains how the three authorities will work together towards the common objective of financial stability. The Memorandum established a treasury, Bank of England and FSA Standing Committee which meet to discuss individual cases of significance and other developments relevant to financial stability.

The Department of Trade and Industry is responsible for company law and insolvency matters and also for most investigations and prosecutions under the Companies Acts.

The Department for Work and Pensions is responsible for public policy on pensions and also for the Occupational Pensions Regulatory Authority.

The Occupational Pensions Regulatory Authority (OPRA) is responsible for regulating occupational pension schemes.

The Office of Fair Trading is responsible for consumer credit, consumer protection and for competition issues.

The Serious Fraud Office is responsible for investigating and for prosecuting serious and complex fraud.

The Financial Ombudsman Service is the independent body which handles individual complaints against regulated firms when the complainant is not satisfied with the firm’s handling of the matter.

The Financial Services Compensation Scheme is the independent body responsible for claims for compensation from consumers when the regulated firm concerned has become insolvent.

The National Criminal Intelligence Service is responsible for providing leadership in the field of criminal intelligence to combat serious and organised crime.