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.
Section 2 outlines the regulatory objectives of the FSA: (a) market confidence; (b) financial stability (c) public awareness; (d) the protection of consumers; and (e) the reduction of financial crime.
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.
Section 59 states that a person cannot carry out certain controlling functions in a firm without approval by the FSA.
Section 71 allows private persons to sue a firm for damages if a person performing a controlled function is not approved.