The Financial Services Authority (abbreviation FSA) stands for an independent non-governmental organization which regulates the work of UK financial markets and firms, including Forex brokers. The Financial Services Authority is a legitimate body which received its powers by the Financial Services and Markets Act of 2000.
According to the official press release, the Financial Services Authority (FSA) is financed by the industry of economic services. Organization chooses the so-called Board and the Executive Committee for setting its policy towards management and regulation of the registered Forex brokers.
Being partially a private organization sponsored by the regulated firms, the Financial Services Authority embodies the image of a transparent and independent regulatory body. The main purpose of Financial Services Authority is to provide a true-to-life and up-to-date information about regulated brokers. Another objective of FSA is to give insurances for all clients working with these firms.
Due to the transparent policy of the Financial Services Authority, this organization can dictate standards for all brokers working under its supervision. Consumers appealing to UK brokers regulated by the FSA can be sure the set standards are met by the brokers. The Financial Services Authority checks the status and reliability of all regulated brokers. If it is necessary the FSA provides punishing actions against scammers.
What you may get from working with a broker regulated by the FSA:
- confidence in a market intermediate – all UK brokers collaborating with the Financial Services Authority are interested in providing the honest policy for their clients;
- stability in your financial future – the Financial Services Authority contributes and supervises all questions with client’s insurance. A trader may need such protection in a case a broker is not longer capable to provide its services at the Forex market. In this scenario a customer gets a compensation for the lost actives or in some cases even saves his current deposit.
- protection of customers from crimes and frauds – every client of the Financial Services Authority can expect to be protected from widespread frauds existing within the Forex market. If you have been involved into some suspicious situation you can appeal to the FSA’s authorities to check your broker’s intentions.
All brokers working with the Financial Services Authority should be accepted only as reliable organizations. Because it is not that easy to get a license in order to work under the subdivision of the Financial Services Authority. A broker should meet all requirements and the FSA’s rules. Among these requirements:
- reliability of a bank collaborating with a brokers for keeping clients’ money safe. A bank as well as a broker itself is regularly (annually) checked by the independent FSA representatives.
- a brokers should keep all customers’ deposits separately from the company funds in a case the corporate assets will be blocked.
Broker-Rates.com gives reviews of brokers working with the Financial Services Authority. You can compare and choose the services you like being sure you will work with a reliable organizations despite your choice.
FSA website: www.fsa.gov.uk