The SIB presently recognises five self-regulating organisations.23 They are as follows: • the Securities and Futures Authority (known as the SFA), which
regulates mainstream stockbroking and securities business and also authorises most investment firms doing corporate finance and related business;
• the Investment Management Regulatory Organisation (known as IMRO), which regulates investment management;
• the Life Assurance and Unit Trust Regulatory Organisation (known as LAUTRO), which has regulated the promotion of life assurance and related products;
• the Financial Intermediaries, Managers and Brokers Regulatory Association (known as FIMBRA), which has regulated the activities of independent intermediaries;
• the Personal Investment Authority (known as the PIA), which regulates those investment firms having direct contact with the general public. The SFA is the main ‘FSA’ regulator of the securities industry and
regulates the investment business conducted by most securities industry professionals in the City of London.24 It is capable of regulating stock broking, market making and the related activities of sophisticated financial intermediaries. It makes clear that those activities undertaken within corporate finance business, which amount to investment business, also fall within its regulatory scope. Although the SFA can regulate investment management, this is unusual in practice and firms are normally expected to seek membership of IMRO if they want to
engage in investment management where such management is to be undertaken within and will be the principal activity of the firm.