Financial Services and Markets Act 2000

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The Financial Services and Markets Act 2000
Long title An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.
Citation 2000 c.8ff
Dates
Royal assent 14 June 2000
Text of statute as originally enacted
Text of the Financial Services and Markets Act 2000 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk

The Financial Services and Markets Act 2000 (c 8) is an Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts.

The Act was considerably amended by the Financial Services Act 2012 and the Bank of England and Financial Services Act 2016.

Contents[edit]

Some of the key sections of this act are:

Part I The Regulator
Part II Regulated And Prohibited Activities
  • Section 19 requires firms to be authorised to conduct regulated activities.
  • Section 21 makes it a criminal offence to issue a financial promotion (an invitation to engage in investment activity) in the United Kingdom unless it is issued or approved by an authorised firm or exempt via the Financial Promotions Order.
Part III Authorisation and Exemption
Part IV Permission to Carry on Regulated Activities
Part V Performance of Regulated Activities
  • Section 59 states that a person cannot carry out certain controlling functions in a firm without approval by the FSA.
Part VI Official Listing
  • Section 71 allows private persons to sue a firm for damages if a person performing a controlled function is not approved.
Part VII Control of Business Transfers
Part VIII Penalties for Market Abuse
Part 8A Short selling
Part IX Hearings and Appeals
Part X Rules and Guidance
  • Section 138 grants the FSA rule-making power.
  • Section 150 allows private persons to sue for damages if an authorised firm has breached certain rules.
Part XI Information Gathering and Investigations
  • Section 165 gives the FSA power to return certain information.
Part XII Control Over Authorised Persons
Part XIII Incoming Firms
Intervention by Authority
Part XIV Disciplinary Measures
Part XV The Financial Services Compensation Scheme
Part 15A Power to require FSCS manager to act in relation to other schemes
Part XVI The Ombudsman Scheme
Part XVII Collective Investment Schemes
Part XVIII Recognised Investment Exchanges and Clearing Houses
Part 18A SUSPENSION AND REMOVAL OF FINANCIAL INSTRUMENTS FROM TRADING
Part XIX Lloyd’s
Part XX Provision of Financial Services by Members of the Professions
Part XXI Mutual Societies
Part XXII Auditors and Actuaries
Part XXIII Public Record, Disclosure of Information and Co-operation
Part XXIV Insolvency
Part XXV Injunctions and Restitution
Part XXVI Notices
Part XXVII Offences
Part XXVIII Miscellaneous
Part XXIX Interpretation
Part XXX Supplemental

See also[edit]

Notes[edit]

External links[edit]