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Introduction
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. It regulates the financial services industry in the UK and has a wide range of rule-making, investigatory and enforcement powers. It also provides tools and information to help consumers.
1 December 2001 signalled the start of the new Designated Professional Body (DPB) regime. All the existing Recognised Professional Bodies were granted DPB status by the Treasury. This new regime enables a DPB to allow its members to carry out a limited range of investment business activities, without those members having to obtain direct authorisation from the FSA, provided these activities are incidental to the main accountancy and taxation activities of the firm. This limited range of investment business activities is known as exempt regulated activities.
In order for firms to be regulated by ACCA, they will have to meet the eligibility criteria set out in the Designated Professional Body Regulations.
For more information visit ACCA's Investment Business web section.
Financial products are a necessity in many areas of life - a mortgage for buying a house, investments to pay for future events or supplement a pension, a pension to fund your retirement, and so on. There are a huge number of financial products to choose from, each with different benefits. You will therefore need some assistance in finding the right product for your situation. Furthermore, since your needs will not remain the same throughout your life, your financial plans need to be monitored constantly to ensure that they keep up with the changes in your life. You can seek help from financial press, online financial websites or a financial adviser.