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Financial Services and Markets Act

The Financial Services Authority & UK law

The financial services are at the present time regulated by the Financial Services Authority (FSA) and are an independent quasi-judicial body.  When performing as the authority for share listing on a stock exchange it is instead called the UK Listing Authority (UKLA).

The Financial Services and Market Act 2000 imposed five objectives on the FSA.

  • To maintain the confidence in the financial system
  • To promote public understanding of the financial system
  • To contribute to the financial stability of the UK
  • To secure the correct degree of protection for consumers
  • To reduce the amount to which it is possible for a company continued by a regulated individual to be used for a purpose connected with financial crime

If your company is involved in any of these activities then you can be expected be regulated by the FSA:

  • Dealing with investments
  • The arrangement of regulated home reversion plans
  • The arrangement of regulated mortgage plans
  • The arrangement of regulated mortgage contracts
  • The arrangement deals in investments
  • The arrangement regulated home purchase plans
  • The management of investments
  • The issuing of electronic money
  • Carrying out contracts of insurance as principal
  • The giving of advice on regulated mortgage contracts
  • The giving of advice on regulated home reversion plans
  • The giving of advice on regulated home purchase plans
  • The giving of advice on investments
  • The assisting in the administration and performance of a contract of insurance
  • The entering into and administration of a regulated mortgage contract
  • The entering into and administration of a home reversion plan
  • The entering into and administration of a home purchase plan
  • The entering into and administration of a funeral plan
  • Anything to do with Lloyd's market activities
  • The Establishment of collective investment schemes
  • The establishment of personal pension schemes
  • The establishment of stakeholder pension scheme
  • The safeguarding and administration of investments
  • The sending of dematerialised instructions

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