The Financial Services Authority was set up by an Act of Parliament in 1997, and is slowly absorbing all the different financial regulators in Britain - such as the Securities and Futures Authority, the Supervision and Surveillance Division of the Bank of England, the Personal Investment Authority (PIA), the Investment Management Regulatory Organisation, the Insurance Directorate of the Department of Trade and Industry and others.

How big is it?

By next January it will have a budget of about £180 million and nearly 2,000 employees.

What does it do?

Its primary role is to ensure that companies and individuals are complying with the existing regulations under which the banks, stockbrokers, building societies, insurance industry and friendly societies must operate. It has the authority to investigate and ultimately to fine violating organisations.

Who is on the board?

The makeup of the FSA Board is remarkable, by Irish standards. Under the Nolan Procedures, openings on the boards of all public bodies are now made mainly by an open application process with members of the public invited to apply. The FSA board comprises a chairman (Mr Davies), the deputy chairman of the Bank of England and three executive directors from the FSA. Some 10 other positions are evenly reserved for industry practitioners and public interest representatives - who could be ordinary consumers.

Why is it of interest?

The Irish Government is considering setting up a similar regulator.