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Financial Services and Markets Act 2000
United Kingdom legislation From Wikipedia, the free encyclopedia
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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, the Bank of England and Financial Services Act 2016 and the Financial Services and Markets Act 2023.
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Some of the key sections of this act are:
- Part I The Regulator
- Section 1A outlines the regulatory objectives of the Financial Conduct Authority: (a) market confidence; (b) financial stability (c) public awareness; (d) the protection of consumers; and (e) the reduction of financial crime.
- Section 2A establishes the Prudential Regulation Authority
- 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 IVA 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
- Section 106 covers banking business transfer schemes.
- Part VIII Penalties for Market Abuse
- Section 118 concerns market abuse.
- Part 8A Short selling
- Part IX Hearings and Appeals
- Section 132 establishes the Financial Services and Markets Tribunal.
- Part XI Information Gathering and Investigations
- Sections 165 and 165A give the FCA and PRA power to require 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
- Section 213 establishes the Financial Services Compensation Scheme.
- Part 15A Power to require FSCS manager to act in relation to other schemes
- Part XVI The Ombudsman Scheme
- Section 225 establishes the Financial Ombudsman Service.
- 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
- Section 397 makes it a criminal offence to mislead a market or investors.
- Part XXVIII Miscellaneous
- Part XXIX Interpretation
- Part XXX Supplemental
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