Hastings Insurance Centre Limited is regulated by the FSA (Financial Services Authority)
What does this mean?
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. They are a company limited by guarantee and financed by the financial services industry. The Treasury appoints the FSA Board, which currently consists of a Chairman, a Chief Executive Officer, three Managing Directors, and 10 non-executive directors (including a lead non-executive member, the Deputy Chairman). This Board sets our overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive.
The Financial Services and Markets Act gives them four statutory objectives:
market confidence: maintaining confidence in the financial system;
public awareness: promoting public understanding of the financial system;
consumer protection: securing the appropriate degree of protection for consumers; and the reduction of financial crime: reducing the extent to which it is possible for a business to be used for a purpose connected with financial crime.
These are supported by a set of principles of good regulation which they must have regard to when discharging all functions.
The FSA is a statutory body set up under the Financial Services and Markets Act 2000. The Act sets out our four statutory objectives which are supported by a set of principles of good regulation which we must have regard to when discharging our functions.
The FSA has set out its aims for 2005/06 under three broad headings:
promoting efficient orderly and fair markets;
helping retail consumers achieve a fair deal; and
improving our business capability and effectiveness
For further information regarding the FSA (Financial Services Authority) and how it works, go to http://www.fsa.gov.uk/
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