The FSA has implemented new powers granted to it by the Financial Services Act 2010.
The regulator now has the power to suspend firms or individuals by stopping them undertaking some or all of the activities which they are permitted to carry on for a period of time. It can also impose financial penalties on individuals who have carried out controlled functions without the necessary approval from the FSA.
It can also gather information in relation to financial stability from specified categories of both authorised and unauthorised persons to help identify potential threats to the UK financial market.
Finally, the FSA can make alterations to the FEES manual to reflect amendments made by the Act in relation to the Financial Services Compensation Scheme’s (FSCS) contribution to the costs associated with resolutions under the Banking Act 2009.
