Financial Services Authority (FSA) and their regulatory role
The Financial Services Authority (FSA) is the body that regulates the financial services industry in the United Kingdom.
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On this page we look into the statutory objectives the Financial Services Authority has, along with their principles of good regulation and include details of our own regulatory status and how we can help with a mortgage or remortgage.
Table of Contents:
The statutory objectives of the Financial Services Authority
The Financial Services Authority (FSA) takes its powers from the Financial Services & Markets Act 2000, and is an independent non-governmental body financed by the financial services industry.
The FSA has four statutory objectives.
- to maintain confidence in the financial system;
- to promote public awareness of the financial system;
- to secure the appropriate level of protection for consumers, and
- to reduce financial crime.
These objectives are geared to bring about the FSA's main aim of promoting efficient, orderly and fair markets, and to ensure retail customers achieve a fair deal.
The Principles of Good Regulation
Whilst carrying out their work, the FSA are required to take into account their principles of good regulation, and these are:
- Efficiency and Economy:
The FSA must use its resources in the most efficient and economic way. - Role of Management:
The FSA holds the senior management of authorised firms responsible for compliance with the regulations, and the risk management and the monitoring and controls of the systems within their organisation. - Proportionality:
The restrictions imposed by the FSA on the financial services sector must be proportionate to the benefits that are likely to ensue. - Innovation:
The intention is that compliance should not be so restricting that it stifles new products and service within the financial services sector. - International Character:
The FSA will co-operate with overseas regulators to develop international standards in order to monitor global firms and markets, and ensure that the UK market is desirable and competitive. - Competition:
The Financial Services Authority are mindful of the need for firms to be competitive, and need to avoid unnecessary barriers to competition and innovation.
Throughout their dealings with the financial services industry, the FSA apply a risk-based approach, and this principle-based approach is designed to permeate through to all those who work within the financial services sector. To ensure these principles are successfully applied, the FSA has introduced the 'Treating Customers Fairly (TCF)' initiative that must be embedded throughout a regulated firm's activities.
Are Shire Direct authorised and regulated by the Financial Services Authority.
Yes. Shire Direct are directly authorised and regulated by the Financial Services Authority. We are not appointed representatives of a mortgage network. Our FSA registration number is 302389.
The FSA Register confirms our authorisation and regulatory status.
Naturally, here at Shire Direct we observe the FSA's rules and regulations throughout our activities. Furthermore, it is company policy to abide by the FSA's 'Treating Customers Fairly' initiative in all our dealings for and on behalf of all our customers.
Hopefully, we've managed to explain a little bit about the Financial Services Authority and its role in the regulation of mortgages. For further reading on the FSA and the role they play in the financial services industry, why not take a look at the FSA's impartial consumer targeted website 'Money Made Clear'.
Well that wraps up our look at the Financial Services Authority and the role the FSA has when it comes to the regulation of the mortgage industry, we hope you found it useful. So, if you are looking for a quality service and a caring approach when it comes to arranging a mortgage or remortgage, get in touch with us here at Shire Direct. We believe you'll find our approach to be friendly and unstuffy, helpful and professional. We'll carefully assess your needs, circumstances and aspirations and provide you with a rapid in-principle decision. Our Freephone line 08000 282 281, is available seven days a week from 8am until 10pm, and you can enquire online anytime. We'd be delighted to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.