The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on the Financial Services and Markets Act 2000, see Brexit—Financial Services—overview, Brexit—Financial Services—Statutory Instruments (SI) tracker and Brexit legislation tracker.
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
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