Financial Services and Markets Act 2000
Act of the Parliament of the United Kingdom
From Wikipedia, the free encyclopedia
The Financial Services and Markets Act 2000 (c. 8) is an act of the Parliament of the United Kingdom.
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- England and Wales
- Scotland
- Northern Ireland (in part).
| Act of Parliament | |
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| Long title | An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes. |
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| Citation | 2000 c. 8 |
| Introduced by | Alan Milburn (Commons) |
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| Dates | |
| Royal assent | 14 June 2000 |
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Status: Amended | |
| Text of statute as originally enacted | |
| Revised text of statute as amended | |
| Text of the Financial Services and Markets Act 2000 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
Provisions
The act created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking.[1] This made it the single regulator for the entire finance industry.[2] 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.[3]
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.[4]
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.[5]
