The following Financial Services guidance note provides comprehensive and up to date legal information covering:
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. It is intended to act as a general framework for financial services legislation and regulation in the UK.
FSMA 2000 came into force (and the FSA became the single regulator for the UK financial services industry) on 1 December 2001.
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.
The structure and functions of the PRA and FCA are set out in FSMA 2000, Pt 1A, and Schs 1ZA, 1ZB and 1A. For more information see Practice Notes: Financial Conduct Authority—structure and constitution and Prudential Regulation Authority—structure and constitution.
Pt 1A sets out general information about the objectives of the PRA and FCA, their
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