In 1994, the Life Assurance and Investment Management Regulatory Organisations merged to become the Personal Investment Authority (PIA).


In October 1997, the functions of the Securities and Investments Board (SIB) were transferred to the Financial Services Authority (FSA) (the SIB was effectively renamed the FSA), and the FSA thus became the Designated Agency empowered by the Secretary of State under the Financial Services Act 1986.

While the PIA continued to be the Self-Regulating Organisation for consumer investment business in the U.K., it existed under the direct authority of the FSA.


The Personal Investment Authority introduced the PIA Rules in 1995; these were largely adopted from the LAUTRO and FIMBRA Rules that had been introduced by those Self-Regulating Organisations to comply with the ‘safeguard’ stipulations of the Financial Services Act 1986.


Note! The current position, since the Financial Services and Markets Act 2000 was given full statutory effect on 1st December 2001, is that the Financial Services Authority (FSA) has, itself, taken full hands-on regulatory control.