Learn about the UK banking system and the conditions that dictate the opening of a UK bank account. We provide details on the governing body, as well as the regulatory bodies that regulate banking in the United Kingdom.
The Financial Services Authority (FSA) is an independent non-governmental body responsible for the regulation of the financial sector, previously this was undertaken by the Bank of England and this was passed over in two stages, the final stage taking place in December 2001, when the FSA assumed its full responsibilities under the Financial Services and Markets Act 2000
The role of the FSA is to maintain confidence in the UK financial system, to promote public understanding of the financial system, to secure an appropriate degree of protection for consumers whilst recognizing their own responsibilities and to reduce scope for financial crime.
The Bank of England is responsible for maintaining overall stability of the financial system as a whole. Since its responsibilities for supervising individual banks were transferred to the FSA, the financial stability role of the Bank has been to focus on identifying and limiting systemic financial risk. This involves close monitoring of the financial system infrastructure, particularly payments systems. The Bank also monitors economic and financial market developments, as part of an overview of the system as a whole.
All major international financial institutions are represented in UK.
To open an UK bank account, visit our Bank Accounts page to get started.
For further information on the United Kingdom banking system or to learn about opening a bank account in another jurisdiction, Contact Us today.