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Financial services play a critical role in the lives of everyone in the UK, from junior ISAs to pensions, direct debits to credit cards, loans to investments. All businesses offering such products and services must be regulated. Before the FCA grants authorisation to such businesses the latter must demonstrate that they meet a range of requirements. The Authority then supervises the businesses to make sure they continue to meet published standards and rules after they are authorised.
A financial director (FD) is a core member of a company’s board of directors, being responsible for its finances. The FD will help the attainment of the company’s business objectives by giving advice and direction on financial strategy.
Financial directors are almost always members of a senior executive team who manage all aspects of a company’s financial health and long-term growth. They establish and maintain a company’s financial strategy for earning profits and oversee the finance and accounting operations.
[See ‘Directors’ and ‘Board of Directors’.]
The Financial Services Authority was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013.
It was founded as the Securities and Investments Board in 1985.
The regulation has now been taken over by the Financial Conduct Authority (FCA).
[See ‘Financial Conduct Authority’ and ‘FCA’.]
