A regulatory body set up to oversee UK financial markets. Its aim was to prevent fraud and insider dealing. The SIB worked via the system of each financial sector, for example the stock exchange, having a self-regulating organization which reported to the SIB. The SIB was empowered to recognize investment institutions, and to finance itself by fees charged for recognition. In 1997 the functions of the SIB were transferred to the Financial Services Authority. See also self-regulation.