Financial Services and Markets Act 2000

The Financial Services and Markets Act 2000
Dates
Parliament of the United Kingdom
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
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Text of statute as originally enacted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 the UK Statute Law Database

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.

Outline

Some of the key sections of this act are:

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.
Section 118 concerns market abuse.
Section 132 establishes the Financial Services and Markets Tribunal.
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.
Section 165 gives the FSA power to return certain information.
Section 213 establishes the Financial Services Compensation Scheme.
Section 225 establishes the Financial Ombudsman Service.
Section 397 makes it a criminal offence to mislead a market or investors.

Notes

External links

Text of the Financial Services and Markets Act 2000 as in force today (including any amendments) within the United Kingdom, from the UK Statute Law Database .

United Kingdom legislation

Pre-Parliamentary legislation	List of English statutes Charter of Liberties Magna Carta

Acts of Parliament by states preceding the Kingdom of Great Britain	Acts of the Parliament of England to 1483 1485–1601 1603–1641 Interregnum (1642–1660) 1660–1699 1700–1706 Acts of the Parliament of Scotland Acts of the Parliament of Ireland to 1700 1701–1800

Acts of Parliament of the Kingdom of Great Britain	1707–1719 1720–1739 1740–1759 1760–1779 1780–1800

Acts of Parliament of the United Kingdom of Great Britain and Ireland and the United Kingdom of Great Britain and Northern Ireland	1801–1819 1820–1839 1840–1859 1860–1879 1880–1899 1900–1919 1920–1939 1940–1959 1960–1979 1980–1999 2000 to date Halsbury's Statutes UK Statute Law Database Short titles

Church of England measures	List Church of England Assembly (Powers) Act 1919

Legislation of devolved institutions	Acts of the Scottish Parliament Acts and Measures of the National Assembly for Wales Acts of the Northern Ireland Assembly Acts of the Parliament of Northern Ireland Orders in Council for Northern Ireland

Orders-in-Council	Order in Council

Secondary legislation	United Kingdom Statutory Instruments Scottish Statutory Instruments Act of Sederunt, Act of Adjournal

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Financial Services and Markets Act 2000

Outline

See also

Notes

External links