Not quite. FBA is an alternative to the dropshipping model of online selling. If you use Fulfilment by Amazon, then you will own your own product inventory but this will be stored, packaged and shipped by Amazon on your behalf.
Dropshippers do not own their own inventory or fulfil your deliveries themselves. In order to be covered as a dropshipper, you'll need to:
Physically inspect a sample of at least 5% of the stock of all the items listed for sale on at regular intervals and keep records of this.
And/or
Maintain rights of recourse against a UK or EU-based manufacturer or wholesaler for all products you sell in relation to faults and safety issues.