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United Kingdom
United Kingdom
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Financial Services Authority definition What does Financial Services Authority mean? In legal practice, “Financial Services Authority” (FSA) denotes the former UK financial services regulator frequently encountered in legacy contracts, permissions, policies and enforcement materials. Created by the financial services and markets act 2000 as the single statutory regulator for banks, insurers, investment firms and markets, it maintained the FSA Handbook and Approved Persons regime, and exercised authorisation, supervision and enforcement powers, including UK Listing Authority/primary market functions. The FSA was abolished on 1 April 2013 by the Financial Services Act 2012. Its functions were divided between: - the Financial Conduct Authority (fca) for conduct, markets, consumer protection and...
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UK CASS 10 Client Assets Resolution Pack: FCA requirements, retrieval timelines and core records to expedite return of client money and custody assets in insolvency and resolution
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Practice notes
Background to the
The collapse of firms including Lehman Brothers International (Europe) (LBIE) in 2008 and MF Global UK Ltd in 2011 triggered complaints about the Financial Services Authority’s (FSA) rules in the Client Assets Sourcebook (CASS), as Insolvency practitioners struggled to obtain information and records for client money and custody assets (CMCA). At the time, these events highlighted problems in accessing information and records, and the limitations in the existing framework. Consequently, the FSA — the predecessor to the Financial Conduct Authority (FCA) — concluded that CASS compliance standards at numerous firms were inadequate. In 2010 the regulator therefore moved to strengthen its client asset regime by refining the CASS provisions (see, for instance, consultation paper 10/09, Enhancing the Client Assets Sourcebook) and by allocating greater resources to the safeguarding of CMCA, for example by creating the Client Asset Unit to lead the FSA’s specialist supervision of CMCA. In addition, as part of proposals for recovery and resolution plans (‘RRPs’ or ‘living wills’), advanced by the Financial Stability Board to improve the resilience of the financial system, the FSA published, in August 2011, the discussion and consultation paper CP11/16, Recovery and Resolution Plans...
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Web page updated on 22/05/2026
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