Financial Services and Markets Act 2000

Contents

• Section 1A outlines the regulatory objectives of the Financial Conduct Authority: market confidence; financial stability public awareness; the protection of consumers; and the reduction of financial crime.
• Section 2A establishes the Prudential Regulation Authority

• Section 19 requires firms to be authorised to conduct regulated activities.
• Section 21 makes it a criminal offence to issue a financial promotion in the United Kingdom unless it is issued or approved by an authorised firm or exempt via the Financial Promotions Order.

• Section 59 states that a person cannot carry out certain controlling functions in a firm without approval by the FSA.

• Section 71 allows private persons to sue a firm for damages if a person performing a controlled function is not approved.

• Section 118 concerns market abuse.

• Section 132 establishes the Financial Services and Markets Tribunal.

• Section 138 grants the FSA rule-making power.
• Section 150 allows private persons to sue for damages if an authorised firm has breached certain rules.

• Section 165 gives the FSA power to return certain information.

• Section 213 establishes the Financial Services Compensation Scheme.

• Section 225 establishes the Financial Ombudsman Service.

• Section 397 makes it a criminal offence to mislead a market or investors.