Commentary

4 Responsibilities and powers of the Financial Services Authority

BUILDING SOCIETIES vol 6(1)
| Commentary

4 Responsibilities and powers of the Financial Services Authority

| Commentary

4 Responsibilities and powers of the Financial Services Authority

The Financial Services and Markets Act 2000 Section 19 imposes a general prohibition on carrying on regulated activities1 unless the person carrying on such activity is either authorised or exempt2. The Financial Services Authority (FSA) is responsible for granting permission (referred to in the Act as ‘Part IV permission’) to carry on regulated activities3. Accordingly, the FSA is responsible for granting permission to building societies to raise money from members and to accept deposits. The FSA may impose limitations4 or requirements5 on such

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