Financial Services and Markets Act 2000

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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.

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 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 150 allows private persons to sue for damages if an authorised firm has breached certain rules.

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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 .

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