UK

Two year review of the UK Financial Services and Markets Act 2000

Joanna Gray, University of Newcastle-upon-Tyne

In December 2004, HM Treasury announced the outcome of an important review of aspects of the UK’s financial regulatory legislation that was launched in 2003. In November 2003, HM Treasury took the opportunity of the two year anniversary of the coming into force of the Financial Services and Markets Act 2000 (FSMA) to consult on changes to the boundaries of financial regulation in areas where the FSMA may be over-inclusive in its scope. This included what, if any, changes were needed to the operating practices of the Financial Services Authority (FSA) and to the Financial Ombudsman Service.