Financial Services Authority

The core of the operating framework for the FSA is sometimes described by the acronym, ARROW, which stands for Advanced, Risk-Responsive Operating Framework. ARROW defines the essence of the FSA's risk-based approach to regulating financial markets, services, and firms. The statutory objectives for the FSA may be defined as follows:

• Market confidence: maintaining public confidence in the financial system
• Public awareness: promoting public understanding of the financial system.
• Consumer protection: securing an appropriate degree of protection for consumers.
• Reduction of financial crime: reducing the use of business practices for criminal purposes or activities.

The FSA is also subject to political and public accountability, and must report on how well these objectives have been met annually, subject to scrutiny by parliamentary committees. Its objectives govern how the FSA carries out its general function of making rules, dispensing guidance and advice, and determining general policies and principles. The FSA is also legally accountable, and must interpret its objectives correctly and consider them properly, or be liable to judicial review.

The FSA's principles of good regulation may be read as a series of admonitions for businesses and organizations of all kinds on how to conduct themselves well, and how to practice good citizenship at many levels. The body of guidelines covers important practices regarding efficiency and economy, proportionality, innovation, international character, and competition.

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More resources from around the web: - For more information about the FSA, please visit its Web site. - To learn about the ARROW framework and how it is practiced and applied, please read 'A New Regulator for the New Millenium.' - The FSA's principles of good regulation are worth reading in and of themselves and should be integrated into all business school curricula.

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