| In the UK, a body that regulates the practice of a profession such as the Institute of Chartered Accountants in England and Wales, The Law Society and the Institute of Actuaries. They are typically involved in administering professional qualifications and fostering high professional standards, and have the power to discipline members. In the financial world, there has generally been a shift away from self-regulation by industry bodies towards independent supervision by the Financial Services Authority (FSA) or the Financial Reporting Council (FRC).
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