ECSH25500 - Financial Services and Markets Act 2000
The regulation of financial services in the UK is governed by the Financial Services and Markets Act 2000 (FSMA 2000). The FSMA 2000 sets up the overarching framework under which UK financial services are regulated. The objective of the FSMA is to create public confidence in UK financial markets and in financial services businesses operating in the UK.
The FSMA has since been updated on many occasions, most notably by the Financial Services Act 2012 which amended the FSMA to establish the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) as the UK financial regulators.
The Financial Services and Markets Act 2023 (FSMA 2023) came into force in part on 29 June 2023 and the remainder on 29 August 2023 (see Section 86 FSMA 2023) and amends the FSMA 2000. The FSMA 2023 repeals retained EU law relating to financial services in order to deliver a Smarter Regulatory Framework (SRF) which is tailored to the UK. Retained EU law will be replaced with rules set by our independent and expert regulators, operating within a framework established by government and Parliament.