The Chancellor of the Exchequer announced the reform of financial services regulation in the UK and the creation of a new regulator on 20 May 1997.The Chancellor announced his decision to merge banking supervision and investment services regulation into the Securities and Investments Board (SIB). The SIB formally changed its name to the Financial Services Authority in October 1997.The first stage of the reform of financial services regulation was completed in June 1998, when responsibility for banking supervision was transferred to the FSA from the Bank of England. In May 2000 the FSA took over the role of UK Listing Authority from the London Stock Exchange. The Financial Services and Markets Act, which received Royal Assent in June 2000 and was implemented on 1 December 2001, transferred to the FSA the responsibilities of several other organisations: Building Societies Commission Friendly Societies Commission Investment Management Regulatory Organisation Personal Investment Authority Register of Friendly Societies Securities and Futures AuthorityIn addition, the legislation gives us some new responsibilities – in particular taking action to prevent market abuse.In October 2004, following a decision by the Treasury, we took on responsibility for mortgage regulation. In January 2005, to implement the Insurance Mediation Directive and in accordance with a Government announcement in 2004 we took on regulation of general insurance business.
Join the FSA and embark on a challenging and rewarding career.The FSA's success depends on the performance of our people. The industry we regulate touches the lives of virtually everyone in the country, contributing over 5% of the UK's gross domestic product and employing over 1 million people. The UK is home to thousands of financial services firms, many of them from overseas, and home of the largest financial markets in the world. So it will come as no surprise that we seek to lure quality people to take on the responsibilities of overseeing such a dynamic and complex industry.
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