The Financial Services and Markets Act 2000 (c. 8) is an act of the Parliament of the United Kingdom.
Provisions The act created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking. This made it the single regulator for the entire finance industry. The act created the Financial Ombudsman Service to resolve disputes as a free alternative to the courts, replacing 8 separate ombudsman schemes in different parts of the financial services industry.
The act was considerably amended by the Financial Services Act 2012, the Bank of England and Financial Services Act 2016 and the Financial Services and Markets Act 2023.
Implementation The act came into force on 1 December 2001.
Reception The bill as originally published was criticised by the a joint parliamentary committee over concerns that the enforcement regime it proposed was incompatible with the European Convention on Human Rights and the Human Rights Act 1998.
See also
European Union law Financial Services Act 1986 Part VII transfer Ringfencing UK banking law UK commercial law UK company law
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