FSA

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 the FSA must have regard to when discharging their functions.

·         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;

·         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.

The FSA regulates most financial services markets, exchanges and firms. It sets the standards that they must meet and can take action against firms if they fail to meet the required standards. This often involves requiring firms to pay compensation to their customers.

The FSA is the single statutory regulator responsible for the authorisation and regulation of:

·         Deposit taking (e.g. by banks);

·         Insurance;

·         Investment business;

·         Mortgage lending;

·         Mortgage advice;

·         General insurance advice (e.g. motor, home buildings/contents, and travel).

Discussion with them indicated that those that they regulate have to have 'sound and prudent system' and whilst this does not mandate ISO 27001, ISO 27001 is certainly an acceptable approach.