A more thorough explanation:

Definition: SIB stands for Securities and Investment Board. It is a regulatory body that oversees the financial-services industry in the United Kingdom, including exchanges and related entities. It was formerly known as Securities and Investment Board.

Example: The Financial Services Agency is responsible for ensuring that financial institutions in the UK comply with regulations and operate in a fair and transparent manner. This includes overseeing stock exchanges, investment firms, and other financial entities.

Explanation: The example illustrates how the Financial Services Agency, formerly known as SIB, is responsible for regulating and overseeing the financial-services industry in the UK. This includes ensuring that financial institutions operate in a fair and transparent manner, which helps to protect consumers and maintain the integrity of the financial system.