• Source: Financial Services and Markets Act 2000

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


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




See also



Financial Services Act 1986
UK company law
UK commercial law
UK banking law
European Union law
Part VII transfer




Notes






External links


Text of the Financial Services and Markets Act 2000 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. .

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• Financial Services and Markets Act 2000
• Financial Ombudsman Service
• Financial Services Act 2012
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• Financial Services and Markets Tribunal
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• List of statutory instruments of the United Kingdom, 2001