Financial Services and Markets Act of 2000

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The Financial Services and Markets Act of 2000 is an act of the United Kingdom parliament which created the Financial Services Authority (FSA), which regulates investment business, insurance and banking.[1]

The Act made a number of important changes, including overhauling and unifying the arrangement for oversight of banking, insurance and other investment services; introducing new sanctions to restrain abuse of financial markets; establishing the Financial Services Authority as regulator of the UK's financial services industry; creating a statutory Financial Ombudsman Service to enable financial disputes to be resolved quickly and informally; establishing the Financial Services and Markets Tribunal; and creating a Financial Services Compensation Scheme to unify the arrangements for depositor and policyholder protection and investor compensation.

The Office Of Fair Trading (OFT) is responsible under the Financial Services and Markets Act 2000, which regulates financial services and markets, for keeping under review the rules and practices of the Financial Services Authority (FSA), recognized investment exchanges and recognized clearing houses.[2]