What UK Financial Services and Markets Act 2000 (FSMA) -- Regulatory Framework for UK Financial Services requires
The Financial Services and Markets Act 2000 (FSMA 2000) establishes the UK's financial regulatory framework. The general prohibition in Section 19 makes it a criminal offence to carry on a regulated activity in the UK without FCA or PRA authorisation. Regulated activities are specified in the Regulated Activities Order (RAO, SI 2001/544). The FCA and PRA may impose unlimited financial penalties under Section 206. The Senior Managers and Certification Regime (SMCR) under Section 60A imposes individual accountability on senior managers. The Financial Services Compensation Scheme (FSCS) under Section 213 compensates eligible claimants up to GBP 85,000 for deposits (per institution). The Financial Ombudsman Service (FOS) under Section 225 resolves retail consumer disputes. FSMA 2000 was significantly amended by the Financial Services Act 2012 (creating the FCA/PRA dual-peak model) and the Financial Services and Markets Act 2023 (post-Brexit Edinburgh Reforms framework).
Pillar: Banking & Global Finance · Authority: Parliament of the United Kingdom · Version: 2024.1.0 · Last updated:
Primary source: https://www.legislation.gov.uk/ukpga/2000/8/contents
SHA-256 integrity: 16fb3d79bf00eb40dd834f4a0bf17d062d60ba90f6cb1d6c8c607a1497760fcc
Primary Citations — 6 traced to source
- Section 19 (general prohibition); Section 23 (criminal offence); Section 60A (SMCR); Section 165-168 (investigation powers); Section 206 (unlimited financial penalty); Section 213 (FSCS GBP 85,000); Section 225 (FOS) — Financial Services and Markets Act 2000 -- Full Text
- Article 5 (accepting deposits); Article 14 (dealing as principal); Article 25 (arranging deals); Article 37 (managing investments); Article 53 (advising on investments); Article 56B (insurance distribution) — Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 -- SI 2001/544
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Access
- Discovery (free): /api/v1/nodes/uk-financial-services-markets-act-2000.json — 6-field metadata
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