document_title: The Munsters

question_text: what is the theme song to the munsters

question_tokens: what is the theme song to the munsters

text: The Munsters

text: Plot[edit]

text: The Munsters live at 1313 Mockingbird Lane in the city of Mockingbird Heights, a fictional suburb in California. The running gag of the series is that the family, while decidedly odd, consider themselves fairly typical working-class people of the era. Herman, like many husbands of the 1960s, is the sole wage-earner in the family, though Lily and Grandpa make (short-lived) attempts to earn money from time to time. While Herman is the head of household, Lily makes many decisions, too. According to the episode in which Lily and Herman Munster were trying to surprise one another for their anniversary, they were married in 1865. Despite the novel approach of the family's being (mostly) supernatural creatures (except for niece Marilyn, who is "normal"), the show followed the typical family sitcom formula of the era—the well-meaning father, the nurturing mother, the eccentric live-in relative, the naïve teenager and the precocious kid.

text: The costumes and appearances of the family members other than Marilyn were based on the classic monsters of Universal Studios films from the 1930s and 1940s. Universal produced The Munsters as well and was thus able to use these copyrighted designs, including their iconic version of Frankenstein's monster for Herman.[7] Other studios were free to make films with the Frankenstein creature, for example, but could not use the costume and style of make-up originally created by Jack Pierce for the 1931 Universal Studios film Frankenstein. The make-up for the show was created and applied to the actors by Bud Westmore, who pioneered many make-up effects and designs for many of the Universal monster movies.

text: Cast[edit]

text: Regulars[edit]

text:
Character
Actor/Actress

Herman Munster
Fred Gwynne

Lily Munster (née Dracula)
Joan Marshall (pilot episode, billed as Phoebe Munster)
Yvonne De Carlo

Grandpa (Count Sam Dracula)
Al Lewis

Eddie Munster
Happy Derman (pilot episode)
Butch Patrick

Marilyn Munster
Beverley Owen (ep. 1–13)
Pat Priest (ep. 14–70)

The Raven
Mel Blanc
Bob Hastings

text: Recurring guests[edit]

text:
Character
Actor/Actress

Dr. Edward H. Dudley, MD
Paul Lynde (ep. 4, 6, 19), Dom DeLuise (ep. 55)

Mr. Gateman
John Carradine

Clyde Thornton
Chet Stratton

text: Production notes[edit]

text: The idea of a family of comical monsters was first suggested to Universal Studios by animator Bob Clampett, who developed the idea from 1943 to 1945 as a series of cartoons.[8] The project did not take off until the early 1960s, when a proposal for a similar idea was submitted to Universal Studios by Rocky & Bullwinkle writers Allan Burns and Chris Hayward. The proposal was later handed to writers Norm Liebman and Ed Haas, who wrote a pilot script, Love Thy Monster. For some time, there were executives who believed the series should be made as a cartoon and others who wanted to see it made using live-action. Finally, a presentation was filmed by MCA Television for CBS, using live-action.[7]

text: Pitch episode[edit]

text: The first presentation was 16 minutes and in color (later cut to just over 13 minutes) and was used to pitch the series to CBS and its affiliates. It never aired, and the script was reused as the basis for the episode "My Fair Munster". The cast in order of appearance in the title sequence were: Joan Marshall as Phoebe (instead of Lily), Beverley Owen as Marilyn, Nate "Happy" Derman as Eddie, Al Lewis as Grandpa and Fred Gwynne as Herman. Although the same house exterior was later used in the actual aired series, it was changed at that point to make it look more gothic and "spooky". Changes included adding the tower deck and Marilyn's deck, a new coat of paint, and enlarging the living room. Although Grandpa had the same dungeon, Herman did not have padding in the pitch episode, had a more protruding forehead, and was broad but thin. The most noticeable difference was his somber expression, compared to his comical silliness during the series.[9] All characters, except Marilyn, had a blue/green tint to their skin. The biggest character difference was that Eddie was portrayed by Derman as a nasty brat.[10]

text: The title sequence had light, happy music (picked up from the Doris Day movie The Thrill of It All)[11] instead of the more hip surf theme that was to come. The episode is available on the complete first season of The Munsters DVDs. It was also decided that Joan Marshall looked too much like Morticia Addams[11] and that Happy Derman was too nasty as Eddie, so both were replaced.[11] On the basis of the first presentation, the new series, still not completely cast, was announced by CBS on February 18, 1964. A second black-and-white presentation was made with the new actors. In this version, Butch Patrick's Eddie appeared with a more "normal" look, although his hairstyle was later altered to include a widow's peak.

text: 1965 Easter special[edit]

text: In between season one and two, the Munster family appeared in an Easter special, when they visited Marineland of the Pacific in Palos Verdes, California, to get a new pet for Eddie. It aired just once on CBS on April 18, and was long thought lost until a copy was donated to the Paley Center in New York in 1997.[12][13]

text: Producers[edit]

text: The show was produced by Joe Connelly and Bob Mosher, who were already known for creating the Leave It to Beaver television series. Prior to that, they wrote over 1,500 episodes of Amos 'n' Andy, a presence on network radio for nearly its entire history.

text: Production values[edit]

text: While its humor was usually broad, the series was visually sophisticated. The Munsters' home was a crumbling Second Empire Victorian mansion, riddled with smoke, filthy with dust and cobwebs. A running joke was that when Lily "dusted" the house, her electrolux emitted clouds of dust, which she applied to surfaces most people would clean. As a running gag, parts of the house would often be damaged (mostly by Herman's tantrums or clumsiness), but the damage would not exist later. Although many episodes featured scenes outside the house, much of the action took place within the walls of the home.

text: Originally conceived as a color show, The Munsters was ultimately filmed in black-and-white to save money and so as to resemble the old B&W monster films Universal and other studios used to make. Over the course of season one (completed by Season 1, Episode 7 "Tin Can Man"), makeup for Herman, Lily, and Grandpa was changed. Some of the changes included Lily's hair becoming all black instead of having a gray/white streak on the right side of her head, a change of jewelry to a bat instead of a star, and angled eyebrows. Grandpa was given more exaggerated makeup and heavier eyebrows, and Herman's face was widened to give him a dopier and less human appearance. He also added a stutter to bolster his character whenever he was angry or wanted to make a point, and he frequently left his mouth open, adding to the effect of a more goofy, less frightening, figure.

text: Mansion[edit]

text: The Munster family's multi-level Victorian home had the fictional address of 1313 Mockingbird Lane in Mockingbird Heights. (The town's location is not specified in the series, but in later incarnations, it is described as a small town outside Los Angeles. Leo Durocher, who was then coaching with the Los Angeles Dodgers, guest-starred as himself in one episode, further hinting that the show was set in, or near, Los Angeles.) The exterior shots were filmed on the Universal Studios backlot. In the 1950s, it was assembled with other homes on the backlot. Until production of The Munsters in 1964, the house could be seen as a backdrop on many shows, including Leave It to Beaver.[14] It was also the home of the family in Shirley (ABC, 1979–80) and has appeared in other TV shows such as Coach and (after a remodel) Desperate Housewives. The interiors for the Munsters's mansion were filmed entirely on an enclosed sound stage.

text: Munstermobiles[edit]

text: In the fourth episode ("Rock-A-Bye Munster"), Lily buys a hot-rod and a hearse from a used car dealership and has them customised into one car (Munster Koach) for Herman's birthday present. The Munster Koach and DRAG-U-LA were designed by Tom Daniel and built by auto customizer George Barris for the show. The "Munster Koach" was a hot rod built on a lengthened 1926 Ford Model T chassis with a custom hearse body. It was 18 feet long and cost almost $20,000 to build. Barris also built the "DRAG-U-LA," a dragster built from a coffin (according to Barris, a real coffin was, in fact, purchased for the car), which Grandpa used to win back "The Munster Koach" after Herman lost it in a race.

text: Theme song[edit]

text: The instrumental theme song, titled "The Munsters's Theme", was composed by composer/arranger Jack Marshall.[15] The theme song's lyrics, which the sitcom's co-producer Bob Mosher wrote, were never aired on CBS. Described by writer Jon Burlingame as a "Bernard-Herrmann-meets-Duane-Eddy sound",[9] the theme was nominated for a Grammy Award in 1965. A sample of the theme was used in the song Uma Thurman by Fall Out Boy.

text: Episodes[edit]

text:
Season
Episodes
Originally aired

First aired
Last aired

Pilot episodes
2
unaired

Season 1 (1964–65)
38
September 24, 1964 (1964-09-24)
June 10, 1965 (1965-06-10)

Special
1
April 18, 1965 (1965-04-18)
April 18, 1965 (1965-04-18)

Season 2 (1965–66)
32
September 16, 1965 (1965-09-16)
May 12, 1966 (1966-05-12)

text: Merchandise[edit]

text: Gold Key Comics produced a "Munsters" comic book which ran 16 issues from 1965 to 1968 and had photo covers from the TV series. When it first appeared, the Comics Code Authority still forbade the appearance of vampires in comic books. However, this was not a problem at Gold Key, because Gold Key was not a member of the Comics Magazine Association of America and therefore did not have to conform to the Comics Code. Lily and Grandpa appeared in the comics without controversy.

text: Other merchandise included a set of rubber squeaky toys, Colorforms, and an Aurora model kit of the living room and family. AMT produced model kits of the Munster Koach as well as Drag-u-La. The Aurora model of the living room featured Herman in his electric chair, Eddie squatting in front of the fire, Lily was knitting and Grandpa was hanging, bat like, from the rafters. Marilyn was not included. ERTL later produced a very detailed 1:18 scale diecast of the Munster Koach. Mattel issued two Herman Munster Dolls, one was a talking doll and the other was a hand puppet (both having chatty rings that you could pull to make them talk utilizing Gwynne's actual voice) that were issued from 1964 until around 1968.

text: A video game based on the Munsters was published by "Again, Again" (a division of Alternative Software) in 1989. It was available for the Amstrad CPC, ZX Spectrum, Commodore 64, Commodore Amiga, Atari ST, MSX and DOS, but was heavily criticized by gaming press at the time because of its short length and lackluster game play.[16]

text: In 1990, Atari Corporation released Midnight Mutants for the Atari 7800, featuring Al Lewis' likeness in his Grampa Munster character on the box art and label art. However, since Atari did not sign an agreement with Universal, they could not call him "Grampa Munster"; he was simply called "Grampa".

text: The first episode guide for the series was written by Richard H. Campbell for Media Sight #3, 1981.

text: Sawyer's View-Master Stereo Pictures issued a 3 D reel set of The Munsters depicting the episode "The Most Beautiful Ghoul in the World" in 1966, Packet No. B 481. The set contains three reels, each with seven 3 D views, as well as a small booklet containing drawings and additional text. The View-Master set is notable because the photographs provide rare color views of the characters and sets, including house interiors and Grandpa's dungeon laboratory. The photos are an accurate depiction of the character's makeup as designed for black and white filming. Herman, Eddie and Grandpa all wear heavy greenish-white facial makeup, which contrasts noticeably with their un-madeup hands and wrists. Lily, besides heavy facial makeup, has light greenish-white makeup on her hands and wrists. Marilyn, identified on the packet as "Daughter Marilyn," is of course in non-character "normal" makeup.

text: Ratings[edit]

text:
1964–1965: #18 (24.7) – Tied with Gilligan's Island
1965–1966: #61 (no rating given) 30.7% share of audience

text: DVD releases[edit]

text: Between 2004 and 2008, Universal Studios Home Entertainment released the entire series on DVD in Regions 1 & 2.

text:
DVD Name
Ep#
Region 1
Region 2
Region 4
Additional Information

Season 1
38
August 24, 2004
re-released February 5, 2013
October 17, 2005
November 30, 2006

Original un-aired pilot
Dual-Sided Discs (Region 1 only)

Season 2
32
October 25, 2005
re-released February 5, 2013
May 1, 2006
October 25, 2006

America's First Family of Fright
Fred Gwynne: More Than A Munster
Yvonne De Carlo: Gilded Lily
Al Lewis: Forever Grandpa
Dual-Sided Discs (Region 1 only)

The Complete Series
70
October 7, 2008
re-released September 13, 2016

N/A
N/A

Original un-aired pilot
America's First Family of Fright
Fred Gwynne: More Than A Munster
Yvonne De Carlo: Gilded Lily
Al Lewis: Forever Grandpa
"Family Portrait" – colorized Version
Munster, Go Home
The Munsters' Revenge
12 Single-Sided Discs

The Complete Series (Closed Casket Collection)
70
N/A
October 8, 2007

Original un-aired pilot
America's First Family of Fright
Fred Gwynne: More Than A Munster
Yvonne De Carlo: Gilded Lily
Al Lewis: Forever Grandpa
12 Single-Sided Discs

The Complete Series

August 3, 2016

The Munsters' Revenge
Here Come the Munsters
12 Single-Sided Discs

text: The "Family Portrait" episode in color, which was absent from the season 1 and 2 standalone box sets, was released on a standalone Region 1 DVD.

text: Syndication[edit]

text: Reruns of this series aired on Nick at Nite in the 1990s. It also aired on TV Land from 2000 to 2008.

text: On October 5, 2015, Cozi TV began airing two shows per day on weekdays beginning at 5 pm.

text: Legacy[edit]

text: Film[edit]

text: Several Munsters movies were released, three featuring original cast members.

text: Television[edit]

text: The Munsters Today[edit]

text: A sequel television series titled, The Munsters Today, ran from 1988 to 1991 and lasted for 72 episodes. The unaired pilot episode, written by Lloyd J. Schwartz, explained the 22-year gap through an accident in Grandpa's lab that put the family to sleep. They awake in the late 1980s and have to adapt to their new surroundings. It featured John Schuck (Herman), Lee Meriwether as Lily, Howard Morton (Grandpa) and Jason Marsden (Eddie). Marilyn was portrayed by Mary-Ellen Dunbar in the unaired pilot, and by Hilary Van Dyke thereafter.

text: Mockingbird Lane[edit]

text: A remake from Pushing Daisies creator Bryan Fuller, was developed for NBC. The show was to be a reboot as a one-hour drama with "spectacular visuals".[17][18][19]

text: NBC ordered a pilot episode,[20] and announced in January 2012 that it would be called Mockingbird Lane, a reference to the Munster family address at 1313 Mockingbird Lane.[21]

text: NBC ultimately canceled plans for Mockingbird Lane to be produced as a weekly series, but later announced the pilot episode would air in late October 2012 as a Halloween special.[22]

text: Reboot[edit]

text: In August 2017, it was announced that Seth Meyers is developing a modern-day interpretation of the series. The series will place the Munsters in Brooklyn, New York where they try to fit in as an ordinary family.[23]


document_title: Financial Services Authority

question_text: when did the retail motor industry products come into fsa (fca) scope

question_tokens: when did the retail motor industry products come into fsa ( fca ) scope

root

text: Financial Services Authority

text: History[edit]

text: SIB[edit]

text: The Securities and Investments Board Ltd ("SIB") was incorporated on 7 June 1985 at the instigation of the UK Chancellor of the Exchequer, who was the sole member of the company and who delegated certain statutory regulatory powers to it under the then Financial Services Act 1986. It had the legal form of a company limited by guarantee (number 01920623). After a series of scandals in the 1990s, culminating in the collapse of Barings Bank, there was a desire to bring to an end the self-regulation of the financial services industry and to consolidate regulatory responsibilities which had been split amongst multiple regulators.

tag: p

text: The SIB revoked the recognition of The Financial Intermediaries, Managers and Brokers Regulatory Association (FIMBRA) as a Self-Regulatory Organisation (SRO) in the United Kingdom in June 1994, subject to a transitional wind-down period to provide for continuity of regulation, whilst members moved to the Personal Investment Authority (PIA), which in turn was subsumed.

text: FSA[edit]

text: The name of the Securities and Investments Board was changed to the Financial Services Authority on 28 October 1997 and it started to exercise statutory powers given to it by the Financial Services and Markets Act 2000 that replaced the earlier legislation and came into force on 1 December 2001. At that time the FSA also took over the role of the Securities and Futures Authority (SFA) which had been a self-regulatory organisation responsible for supervising the trading in shares and futures in the UK.[7]

text: In addition to regulating banks, insurance companies and financial advisers, the FSA regulated mortgage business from 31 October 2004 and general insurance intermediaries (excluding travel insurance) from 14 January 2005.

text: Abolition[edit]

text: On 16 June 2010, the Chancellor of the Exchequer, George Osborne, announced plans to abolish the FSA and separate its responsibilities between a number of new agencies and the Bank of England. The Financial Conduct Authority would be responsible for policing the financial activities of the City and the banking system.[8] A new Prudential Regulation Authority would carry out the prudential regulation of financial firms, including banks, investment banks, building societies and insurance companies.[8]

text: On 19 December 2012 the Financial Services Act 2012 received royal assent and came into force on 1 April 2013.[9] The act created a new regulatory framework for financial services and abolished the FSA.[9] Specifically, the Act gave the Bank of England responsibility for financial stability, bringing together macro and micro prudential regulation, and created a new regulatory structure consisting of the Bank of England's Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority.[9]

text: The Financial Capability division of the FSA broke away from the organisation in 2010, and became known as the Money Advice Service.

text: Activities[edit]

text: Scope[edit]

text: Companies involved in any of the following activities had to be regulated by the FSA.

text:
Accepting deposits
Issuing e-money
Effecting or carrying out contracts of insurance as principal
Dealing in investments (as principal or agent)
Arranging deals in investments, regulated mortgage contracts,[10] home reversion plans, or home purchase plans
Managing investments
Assisting in the administration and performance of a contract of insurance[11]
Safeguarding and administering investments
Sending dematerialised instructions
Establishing etc. collective investment schemes, personal pension schemes, or stakeholder pension schemes
Advising on investments, regulated mortgage contracts, regulated home reversion plans, or regulated home purchase plans
Lloyd's insurance market activities
Entering into and administering a funeral plan, regulated mortgage contract, home reversion plan or a home purchase plan
Agreeing to do most of the above activities

tag: ul

text: From 14 January 2005 the FSA also regulated the motor industry, applicable when insurance products were sold in conjunction with the vehicle purchase. This regulation, which covered around 5,000 motor dealers, focused heavily on the FSA's "Treating Customers Fairly"[12] principles that were supposed to be representative of the motor dealers' trading style.

text: Statutory objectives[edit]

text: The Financial Services and Markets Act 2000 imposed four statutory objectives upon the FSA:

text:
market confidence: maintaining confidence in the financial system;
financial stability: contributing to the protection and enhancement of stability of the UK financial system;
consumer protection: securing the appropriate degree of protection for consumers; and
reduction of financial crime: reducing the extent to which it is possible for a business carried on by a regulated person to be used for a purpose connected with financial crime.

text: The Financial Services Act 2010, which was passed by Parliament on 8 April 2010, gave the FSA the additional statutory objective of "Contributing to the protection and enhancement of the stability of the UK financial system" and removed the public awareness objective.[13]

text: Regulatory principles[edit]

text: The statutory objectives were supported by a set of principles of good regulation which the FSA had to have regard to when discharging its functions. These were:

text:
efficiency and economy: the need to use its resources in the most efficient and economic way.
role of management: a firm’s senior management is responsible for its activities and for ensuring that its business complies with regulatory requirements. This principle is designed to guard against unnecessary intrusion by the FSA into firms’ business and requires it to hold senior management responsible for risk management and controls within firms. Accordingly, firms must take reasonable care to make it clear who has what responsibility and to ensure that the affairs of the firm can be adequately monitored and controlled.
proportionality: The restrictions the FSA imposes on the industry must be proportionate to the benefits that are expected to result from those restrictions. In making judgements in this area, the FSA takes into account the costs to firms and consumers. One of the main techniques they use is cost benefit analysis of proposed regulatory requirements. This approach is shown, in particular, in the different regulatory requirements applied to wholesale and retail markets.
innovation: The desirability of facilitating innovation in connection with regulated activities. For example, allowing scope for different means of compliance so as not to unduly restrict market participants from launching new financial products and services.
international character: Including the desirability of maintaining the competitive position of the UK. The FSA takes into account the international aspects of much financial business and the competitive position of the UK. This involves co-operating with overseas regulators, both to agree international standards and to monitor global firms and markets effectively.
competition: The need to minimise the adverse effects on competition that may arise from the FSA's activities and the desirability of facilitating competition between the firms it regulates. This covers avoiding unnecessary regulatory barriers to entry or business expansion. Competition and innovation considerations play a key role in the FSA's cost-benefit analysis work. Under the Financial Services and Markets Act, the Treasury, the Office of Fair Trading and the Competition Commission all have a role to play in reviewing the impact of the FSA's rules and practices on competition.

text: Retail consumers[edit]

text: The FSA had a priority of making retail markets for financial products and services work more effectively, and so help retail consumers to get a fair deal. Over several years, the FSA developed work to raise levels of confidence and capability among consumers. From 2004, this work was described as a national strategy[14] on building financial capability in the UK. This programme was comparable to financial education and literacy strategies in other OECD countries, including the United States.

text: In June 2006, the FSA created its Retail Distribution Review (RDR) programme which they maintained would enhance consumer confidence in the retail investment market. The RDR came into force on 31 December 2012.[15]

text: The RDR is expected to have a significant impact on the way in which financial services are delivered to retail investors in the UK.[16] The primary delivery mechanism of financial services to retail customers is via approximately 30,000 financial intermediaries (FIs) who are authorised and regulated by the FSA. They are expected to bear the brunt of the force of the RDR. The key elements of RDR are:

text:
Independent advice is truly independent and reflects investors’ needs.
People can clearly identify and understand the service they are being offered.
Commission-bias is removed from the system and recommendations made by advisers are not influenced by product providers.
Investors know up-front how much advice is going to cost and how they will pay for it.
All investment advisers will be qualified to a new, higher level, regarded as equivalent to the first year of a degree[17]

tag: ol

text: The combination of these factors is expected to significantly reduce the profitability of many FI practices.[18] In anticipation of the new regulatory environment being enforced the industry landscape is undergoing significant change. Despite the fact that many in the industry are considered to be poorly prepared for the changes coming into effect,[19] The most significant identifiable trends are:

text:
Consolidators buying up small firms of FIs as a result of the higher qualifications threshold and downward pressures on profitability resulting from RDR – E&Y estimate that the number of Registered Individuals will fall from 30,000 to 20,000 within the next 5 years.[20]
IFAs are embracing the concept of wrap account – incumbent fund supermarkets and Life Assurance Companies are in response launching their own Wrap Platforms.[21]
IFAs are rapidly moving from the traditional investment solution for clients: recommending a portfolio of largely equity-oriented collective investment schemes (Unit trusts and OEICs) and being paid initial and annual renewal commission by the fund provider to an outsourcing model: recommending that clients appoint a discretionary fund manager to manage the client's portfolio(s) and charging the client an annual oversight fee. A recent survey found that 89% of IFAs are considering outsourcing to discretionary managers as a result of RDR.[22]
Several new entrants are making major in-roads into this market[23][24] at the expense of the incumbent retail-oriented funds groups such as Schroders, Gartmore, Fidelity Investments etc.[25] The larger discretionary fund managers are finding it difficult to adapt their business models to cope with these changes, given that the small average portfolio size is better suited[26] to multi-manager (portfolio of funds) solutions,[27] via wrap platforms, when these fund managers tend to prefer to retain custody and investing in direct equities.[28]

text: 2009 regulations[edit]

text: The Payment Services Regulations 2009 came into force on 1 November 2009[29] and shifted the onus onto the banks to prove negligence by the holder of debit and credit cards in cases of disputed payments.[30] The FSA said "It is for the bank, building society or credit card company to show that the transaction was made by you, and there was no breakdown in procedures or technical difficulty" before refusing liability.

text: On the same date the Banking Conduct Regime commenced.[31] It applies to the regulated activity of accepting deposits, and replaces the non-lending aspects of the Banking Code and Business Banking Code (industry-owned codes that were monitored by the Banking Code Standards Board).

text: Organisation[edit]

text: Management and accountability[edit]

text: The FSA was not accountable to Treasury Ministers or to Parliament, as confirmed by Hector Sants at a Treasury Select Committee meeting on 9 March 2011. Sants told TSC Chair, Andrew Tyrie, that Parliament needed to legislate to remove the FSA's non-accountable status. This was further confirmed by Mark Garnier MP who, when commenting on the FSA's negative reaction to a Treasury Select Committee (TSC) report on the RDR, stated that if the FSA chose to ignore the TSC there was nothing they could do about it.

text: It was operationally independent of Government and was funded entirely by the firms it regulated through fines, fees and compulsory levies. Its Board consisted of a chairman, a chief executive officer, a chief operating officer, two Managing Directors, and 9 non-executive directors (including a lead non-executive member, the Deputy chairman) selected by, and subject to removal by, HM Treasury. Among these, the Deputy Governor for Financial Stability of the Bank of England was an 'ex officio' Board member.

text: This Board decided on overall policy with day-to-day decisions and management of the staff being the responsibility of the Executive. This was divided into three sections each headed by a Managing director and having responsibility for one of the following sectors: retail markets, wholesale and institutional markets, and regulatory services.

text: Its regulatory decisions could be appealed to the Financial Services and Markets Tribunal.

text: HM Treasury decided upon the scope of activities that should be regulated, but it was for the FSA to decide what shape the regulatory regime should take in relation to any particular activities.

text: The FSA was also provided with advice on the interests and concerns of consumers by the Financial Services Consumer Panel.[32] This panel described itself as "An Independent Voice for Consumers of Financial Services". Members of the panel were appointed and could be dismissed by the FSA and emails to them were directed to FSA staff. The Financial Services Consumer Panel did not address individual consumer complaints.

text: Board[edit]

text: The FSA was governed by a Board appointed by HM Treasury. The members of the Board at the time of abolition were:

text:
Adair Turner – Executive chairman
Deputy chairman – vacant, following resignation of Sir James Crosby
Andrew Bailey – managing director, Prudential Business Unit
Martin Wheatley – managing director, Conduct Business Unit
Lesley Titcomb – Acting chief operating officer, the FSA
Carolyn Fairbairn – Non-executive FSA Board member, Director of Strategy and Development at ITV plc
Peter Fisher – Non-executive FSA Board member, managing director of BlackRock
Brian Flanagan – Non-executive FSA Board member, formerly a Vice-President of Mars Inc
Karin Forseke – Non-executive FSA Board, formerly CEO of Carnegie Investment Bank AB
Sir John Gieve – Non-executive FSA Board member, Deputy Governor, Financial Stability of the Bank of England
Professor David Miles – Non-executive FSA Board member, managing director and Chief UK Economist at Morgan Stanley
Michael Slack – Non-executive FSA Board, Director of the British Insurance Brokers' Association
Hugh Stevenson – Non-executive FSA Board member, Chairman of the FSA Pension Plan Trustee Ltd
Mick McAteer – Non-executive FSA Board member, director, Financial Inclusion Centre.

text: Criticisms[edit]

text: This article's Criticism or Controversy section may compromise the article's neutral point of view of the subject. Please integrate the section's contents into the article as a whole, or rewrite the material. (January 2012)

tag: table

text: The FSA rarely took on wider implication cases. For example, thousands of consumers have complained to the Financial Ombudsman Service about payment protection insurance (PPI) and bank charges. However, despite determining that there was a problem in the selling of PPI,[33][34][35] the FSA took effective action against very few firms in the case of PPI and it was the Office of Fair Trading (OFT) that finally took on the wider implications role in the case of bank charges. The FSA and the FOS had staff placed within their co-organisation to advise on wider implication issues. It is surprising, therefore, that so little action took place.[citation needed]

text: The FSA in an internal report into the handling of the collapse in confidence of customers of the Northern Rock Plc described themselves as inadequate.[36] It was reported that to prevent such a situation occurring again, the FSA was considering allowing a bank to delay revealing to the public when it gets into financial difficulties.[37]

text: The FSA was criticised in the final report of the European Parliament's inquiry into the crisis of the Equitable Life Assurance Society.[38] It is widely reported that the long-awaited Parliamentary Ombudsman's investigation into the government's handling of Equitable Life is equally scathing of the FSA's handling of this case[39]

text: The FSA ignored warning signals from Northern Rock building society and continued to allow the bank to operate without a risk mitigation programme for months before the bank's collapse.[40]

text: The FSA was criticised by some within the IFA community for increasing fees charged to firms and for the perceived retroactive application of current standards to historic business practices.[citation needed]

text: The perceived lack of action by the FSA in many cases, and allegations of regulatory capture led to it being nicknamed the Fundamentally Supine Authority by Private Eye magazine.

text: The FSA was not legally able to circumvent statute yet hid behind secret legal opinion regarding its summary removal of practitioners' legal rights in respect of their ability to use a longstop defence against stale claims.

text: FSA regulation was also often regarded as reactive rather than proactive.[citation needed] In 2004–05 the FSA was actively involved in crackdowns against financial advice firms who were involved in the selling of split-cap investment trusts and precipice bonds, with some success in restoring public confidence.[citation needed]. However, despite heavily criticising split-cap investment trusts, in 2007 it suddenly abandoned its investigation.[41] Where it was rather poorer in its remit is in actively identifying and investigating possible future issues of concern, and addressing them accordingly.[citation needed]

text: There were also some questions raised about the competence of FSA staff.[42]

text: The composition of the FSA board appeared to consist mainly of representatives of the financial services industry and career civil servants. There were no representatives of consumer groups. As the FSA was created as a result of criticism of the self-regulating nature of the financial services industry, having an independent authority staffed mainly by members of the same industry could be perceived as not providing any further advantage to consumers.

text: Although one of the prime responsibilities of the FSA was to protect consumers, the FSA was active in trying to ensure companies' anonymity when they were involved in misselling activity, preferring to side with the companies that have been found guilty rather than consumers.[43][44]

text: This was most obviously seen in the case known as the LAUTRO 19, where the FSA identified 19 insurers which had breached their contractual warranties by using incorrect charges to calculate the premiums for mortgage endowment policies. This miscalculation led to massive consumer detriment as well as vast and unquantifiable costs for the advisers who unwittingly sold these products. The FSA steadfastly refused to publicly name the miscreant companies and spent £100,000s on legal fees to baulk the efforts of the Information Commissioner who had concluded that naming the companies would be in the public interest.

text: It was announced in November 2008, that despite self-acknowledged failures by the FSA in effectively regulating the financial services industry, FSA staff would receive bonuses.[45] On 31 May 2008, The Times confirmed that FSA staff had received £20m in bonuses for 2008/09, a 40% increase on the previous year.[46]

text: On 11 February 2009, FSA deputy chairman, Sir James Crosby resigned after it was revealed that he had fired a whistleblower, Paul Moore, who had warned of dangerous lending practices at HBOS when he had been in charge of risk regulation.[47]

text: Lord Adair Turner, the then FSA chairman, defended the actions of the regulator on the BBC's Andrew Marr show on 13 February 2009. His comments were that other regulatory bodies throughout the world, which had a variety of different structures and which are perceived either as heavy touch or light touch also failed to predict the economic collapse. In line with the other regulators, the FSA had failed intellectually by focusing too much on processes and procedures rather than looking at the bigger economic picture. In response as to why Sir James Crosby had been appointed deputy chairman when his bank HBOS had been highlighted by the FSA as using risky lending practises, Lord Turner said that they had files on almost every financial institution indicating a degree of risk.[48]

text: Turner faced further criticism from the Treasury Select Committee on 25 February 2009, especially over failures to spot or act on reckless lending by banks before the crisis of 2008 occurred. He attributed much of the blame on the politicians at the time for pressuring the FSA into "light touch" regulation.[49]

text: On 17 April 2009, a whistleblower (former FSA employee) alleged that the FSA had turned a blind eye to the explosion in purchases of whole sale loans taken on by various UK building societies from 2005 onwards. The FSA denied the claims – "This is not whistleblowing, it is green ink" a spokesman said. "The allegations are a farrago of lies, distortions and half truths made by an obviously disgruntled former employee who clearly has an axe to grind. It does not paint a realistic picture of our supervision of building societies."[50]

text: On 18 August 2012, the Treasury Select Committee criticised the FSA for its poor enforcement of the LIBOR rate setting rules.[51]

text: More principles-based regulation[edit]

text: There were suggestions that the FSA stifled the UK financial services industry through over-regulation, following a leaked letter from Prime Minister Tony Blair during 2005. This incident led Callum McCarthy, then Chief Executive of the FSA, to formally write to the Prime Minister asking him to either explain his opinions or retract them.[52]

text: The Prime Minister's criticisms were viewed as particularly surprising since the FSA's brand of light-touch financial regulation was typically popular with banks and financial institutions in comparison with the more prescriptive rules-based regulation employed by the US Securities and Exchange Commission and by other European regulators;[53] by contrast, most critiques of the FSA accused it of instigating a regulatory "race to the bottom" aimed at attracting foreign companies at the expense of consumer protection.[54]

text: The FSA countered that its move away from rules-based regulation towards more principles-based regulation, far from weakening its consumer protection goals, could in fact strengthen them: "Our Principles are rules. We can take enforcement action on the basis of them; we have already done so; and we intend increasingly to do so where it is appropriate to do so."[55] As an example, the enforcement action taken in late 2006 against firms mis-selling payment protection insurance was based on their violation of principle six of the FSA's Principles for Business, rather than requiring the use of the sort of complex technical regulations that many in financial services find burdensome.[56]

text: Enforcement cases[edit]

text: The FSA was criticised for its supposedly weak enforcement program.[57][58][59] For example, while FSMA prohibits insider trading, the FSA only successfully prosecuted two insider dealing cases, both involving defendants who did not contest the charges.[60] Likewise, since 2001, the FSA only sought insider trading fines eight times against individuals and companies it regulated,[61] despite the FSA's own studies indicating that unexplained price movements occur prior to around 25 percent of all UK corporate merger announcements.[62]

text: After the HBOS insider trading scandal, the FSA informed MPs on 6 May 2008 that they planned to crack down on inside trading more effectively and that the results of their efforts would be seen in 2008/09[63] On 22 June, the Daily Telegraph reported that the FSA had wrapped up their case into HBOS insider trading and no action would be taken.[64] On 26 June, the HBOS chairman said that "There is a strong case for believing that the UK is exceptionally bad at dealing with white-collar crime".[65]

text: On 29 July 2008, however, it was announced that the Police, acting on information supplied by the FSA, had arrested workers at UBS and JP Morgan Cazenove for alleged insider dealing and that this was the third case within a week.[66] A year after the subprime mortgage crisis had made global headlines, the FSA levied a record £900,000 on an IFA for selling subprime mortgages.[67]

text: Actions relating to the 2007—2009 credit crisis[edit]

text: The FSA was held by some observers to be weak and inactive in allowing irresponsible banking to precipitate the credit crunch which commenced in 2007, and which has involved the shrinking of the UK housing market, increasing unemployment (especially in the financial and building sectors), the public acquisition of Northern Rock in mid-February 2008, and the takeover of HBOS by Lloyds TSB. On 18 September 2008, the FSA announced a ban on short selling to reduce volatility in difficult markets lasting until 16 January 2009.[68][69]

text: Certainly, the FSA's implementation of capital requirements for banks was lax relative to some other countries. For example, it was reported[70] that Australia's Commonwealth Bank is measured as having 7.6% Tier 1 capital under the rules of the Australian Prudential Regulation Authority, but this would be measured as 10.1% if the bank was under the jurisdiction of the FSA.

text: In March 2009, Lord Turner published a regulatory review of the global financial crisis.[71] The review broadly acknowledges that 'light touch' regulation had failed and that the FSA should concentrate on macroeconomic regulation as well as scrutinising individual companies. The review also proposed cross-border regulation of banks. There were no further promises to improve consumer protection or to directly intervene against financial institutions who treat their customers badly. The review was reportedly met with widespread relief in the city of London where firms had feared a 'revolution' in the way that they would be regulated.[72]

text: Visual identity[edit]

text: The graphic identity at the time of abolition, including the logotype which is intended to symbolise the 'world of finance', was created in 1997 by the British design consultancy Lloyd Northover, founded by John Lloyd and Jim Northover.