FSMA 2000—the general prohibition

Copyright © 2025 LexisNexis

This overview provides a guide to the Financial Services content within the FSMA general prohibition subtopic with links to the appropriate materials.

Introduction to FSMA 2000

The principal role of the Financial Services and Markets Act 2000 (FSMA 2000) was to establish and transfer power to the Financial Services Authority (FSA) following the government’s decision to create a single regulator of financial services in the UK. The purpose of this Practice Note is to is to set out an overview of the make up of FSMA 2000. As part of government proposals to overhaul the UK financial services regulatory structure, the FSA was disbanded on 1 April 2013 and its functions were split between two new bodies: the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). FSMA 2000 was retained as the primary legislation for the UK financial services industry although the Financial Services Act 2012 (FSA 2012) made significant amendments to most of FSMA 2000. This Practice Notes sets out the key points of FSMA 2000, as amended, including the make-up and function of the PRA and FCA; the

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Existing user? Sign-in TAKE A FREE TRIAL
Powered by Lexis+®
Latest Financial Services News

Financial Services—other developments (16/7/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

Staley tribunal decision could fuel challenges to FCA fines

Law360, London: A landmark tribunal ruling that upheld the Financial Conduct Authority's (FCA) ban of ex-Barclays CEO James 'Jes' Staley from banking—but slashed his fine—could ultimately lead other executives with back-loaded pay packages to dispute the FCA's decisions, lawyers say.

Review of the powers of the Financial Ombudsman Service and new memorandum of understanding with FCA

As part of the Mansion House measures, the government has launched a consultation aimed at reviewing and reforming the Financial Ombudsman Service (FOS) framework to ensure that dispute resolution for financial services remains swift, impartial, and effective. This review is driven by evolving market conditions, digitalisation, and industry as well as consumer feedback, which have exposed inconsistencies in the current system. The main concerns relate to (i) the unpredictability of the FOS’s redress outcomes and (ii) the lack of alignment between the FOS and the FCA.

ESMA publishes risk analysis on systemic cyber threats and operational resilience in EU financial markets

The European Securities and Markets Authority (ESMA) has published a risk analysis article examining the systemic importance of cyber risk in EU financial markets, with a focus on measurement and stress simulation. It highlights the growing frequency and sophistication of cyber incidents and the challenges they pose for financial stability, particularly in terms of risk assessment and monitoring. The article introduces conceptual frameworks to understand how individual cyber events can become systemic, focusing on exposures, shock propagation and impact. Drawing on data from the Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (SFTR), it also underscores the role of the Digital Operational Resilience Act (DORA), which establishes a harmonised framework for digital operational resilience and a reporting regime for major information and communication technology (ICT) incidents by EU financial institutions.

View Financial Services by content type :  
News
Practice notes
Precedents
Q&As

Popular documents

Exclusions and exemptions relating to the general prohibition—an introduction

Exclusions and exemptions relating to the general prohibition—an introductionThis Practice Note provides an introduction to the exemptions and exclusions that apply in relation to the general prohibition contained in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000, s19). These

Priority between loss reliefs in loss making companies

Priority between loss reliefs in loss making companiesWhy does it matter?A company that is a member of a group and has incurred any of the types of losses available for surrender by way of group relief may, without any further rules, have more than one way in which to use the loss. There are a

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application
Exclusions and exemptions relating to the general prohibition—an introduction

Exclusions and exemptions relating to the general prohibition—an introduction

Exclusions and exemptions relating to the general prohibition—an introductionThis Practice Note provides an introduction to the exemptions and exclusions that apply in relation to the general prohibition contained in section 19 of the Financial Services and Markets Act 2000 (FSMA 2000, s19). These

Priority between loss reliefs in loss making companies

Priority between loss reliefs in loss making companies

Priority between loss reliefs in loss making companiesWhy does it matter?A company that is a member of a group and has incurred any of the types of losses available for surrender by way of group relief may, without any further rules, have more than one way in which to use the loss. There are a

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal

If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application