Commentary

1.3 Financial Services and Markets Act 2000

BUILDING SOCIETIES vol 6(1)
| Commentary

1.3 Financial Services and Markets Act 2000

| Commentary

1.3 Financial Services and Markets Act 2000

Supervisory functions in relation to building societies were entrusted by the Building Societies Act 1986 to the Building Societies Commission1, a body created by that Act. Its chairman, known as the First Commissioner, was also the Chief Registrar of Friendly Societies2. That structure has now been swept away by the Financial Services and Markets Act 20003, which has established a single new regulatory body, the Financial Services Authority (FSA)4, for the financial services industry. The Act is the second stage in a process which began with the transfer to the FSA of the

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