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Financial Services and Markets Act 2000

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Financial Services and Markets Act 2000[a]
Act of Parliament
coat of arms
Parliament of the United Kingdom
Long titleAn 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.
Citation2000 c. 8
Introduced byAlan Milburn (Commons)
Territorial extent 
[b]
Dates
Royal assent14 June 2000
Commencement
  • 25 February 2001
  • 18 June 2001
  • 3 September 2001
  • 1 December 2001
[c]
Other legislation
Amends
Repeals/revokes
Amended by
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Text of statute as originally enacted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.

The Financial Services and Markets Act 2000 (c. 8) is an act of the Parliament of the United Kingdom.

Provisions

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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

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The act came into force on 1 December 2001.[4]

Reception

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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]

See also

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Notes

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  1. ↑ Section 433.
  2. ↑ Section 430.
  3. ↑ Section 431.

References

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  1. ↑ Atkinson, Dan (18 June 1999). "FSA bill leaves watchdog with very few teeth". The Guardian. Retrieved 4 February 2026.
  2. ↑ "Implications of the financial services change -- updating those solicitors' firms that will not want to be authorised by the Financial Services Authority in the future". 20 April 2001. Retrieved 1 July 2026.
  3. ↑ "Real badges for finance cops". The Guardian. 18 December 2001. Retrieved 4 February 2026.
  4. ↑ "Learning to live with FSA rules -- as the Financial Services Authority throws its weight behind money laundering measures, a look at the ins and outs of the new legislation and how it affects solicito". The Law Society Gazette. 22 November 2001. Retrieved 1 July 2026.
  5. ↑ Atkinson, Dan (30 April 1999). "MPs and peers maul City regulation bill". The Guardian. Retrieved 4 February 2026.
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