The Financial Services Authority (FSA) is a independent, non-government body, given statutory powers by the Financial Services and Markets Act 2000, and was established following the Chancellors decision to merge banking supervision and investment services regulation into the Securities and Investment Board (SIB). The SIB subsequently changed its name to the Financial Services Authority in October 1997. The present day FSA has a wide range of rule-making, investigatory and enforcement powers to enable them to meet it stated regulatory objectives which can be summarised as one overall aim: to promote efficient, orderly and fair markets and to help retail customers achieve a fair deal. The FSA regulates over 29,000 firms with a diverse range of sizes and activities all supported by a single ''Handbook of Rules and Guidance'' for those authorised firms carrying out business in the UK. This Handbook presents the standards the FSA expects of regulated firms and very much represents their vision and values. Supervision underpins the FSA''s day to day regulatory relationship management with authorised firms as it is their process of monitoring firms to ensure that they are complying with its regulatory requirements. a) describe and compare the regulatory framwork of the FSA, as it operates today, and that of the SIB. Outline in your own words which of these is or was more effective in meetings its stated regulatory objectives and why. (30 marks) b) paying particular attention to the FSA''s current regulatory approach trace its origins, producing a regulatory timeline since its inception which focuses on key events and dates which have in turn shaped regulation as it stands today (15 marks) c) explain in outline what is meant by ''operating framework'' in the context of the FSA''s risk mitigation objectives (15 marks) d) In the light of the evolution of the FSA: (i) evaluate what the FSA strives to achieve through ''better regulation'' and provide two practicle examples of it in practice (ii) why does the FSA undertake ''thematic supervision'' and how do they choose which thematic projects to undertake. Identify two current thematic priorities and explain what they aim to achieve (40 marks)