The Financial Services and Markets Act of 2000 received royal assent on June 14, 2000. The original intention of the Act was to provide the entire financial and services industry within the United Kingdom, the advantages associated with having a single regulator. It has had approximately 2,000 amendments since its inception as well as widespread criticism by professionals and other interested parties (Fladgate-Fiedler, 2000). While the temptation for many will be to ignore the Act, it will have a direct effect on any financial services related business, including insurance companies (Mitchell, 2001), carrying on operations within the United Kingdom. In order for a business to be in compliance they will require an authorization to do business or face very severe penalties.
For those organizations that do not carry on a regulated activity, there may be subjectivity to the provisions of this legislation. An example would be those businesses that are seeking capital whether or not through financial markets. Organizations such as these will be regulated in the manner in which they seek to solicit funding. Regardless of participation, all market participants will be required to conform to the "Code of Market Conduct." The code function is for the purpose of stamping out abuse in the financial services marketplace.
The powers of the associated Financial Services Authority (FSA) will be far-reaching and will include the following:
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