The Financial Services Act 2010: how will the FSA rise to meet its new challenges?

Dr Nicholas Ryder and Dr Clare Chambers, Commercial Law Research Unit, Bristol Law School

Abstract:

The United Kingdom’s (UK) financial services industry and regulators were rocked by the recent global financial crisis. The Financial Services Act 2010 (the Act) provides the Financial Services Authority (FSA) with more powers and statutory duties in addition to those granted by the Financial Services and Markets Act 2000 (FSMA 2000). The aim of this note is to outline and briefly critique the new powers and duties. In particular, we ask seek to answer three questions. Firstly, does the FSA need more powers? Secondly, will these powers assist the economic recovery? Thirdly, should these powers and duties have already been carried out as oblique elements of the overarching existing statutory objectives of the FSA?