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In the UK, financial advisers are regulated by some of the toughest legislation in the world. This is designed to reduce the chance of you losing your money through fraud or negligence by an agent or investment institution.
From 1 December 2001, the Financial Services Authority (FSA) became a single statutory regulator for the entire financial services industry including banks, building societies, investment and insurance companies and financial advisers. Protection of consumers remains at the top of its agenda with the regulator having four statutory objectives:
- To maintain confidence in the UK financial system
- To promote public understanding of the financial system
- To secure the right degree of protection for consumers
- To contribute to reducing financial crime
More information about the FSA can be found on the FSA website
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