The Financial Conduct Authority (FCA) has considerable powers under the Financial Services and Markets Act (FSMA) 2000, in terms of applying the regulations as well as ensuring the prevention of financial crime. The Act is the main piece of legislation dealing with the regulation of the UK financial sector. The role of the FCA in the policy and practice of financial regulation is in effect twofold, in the sense that it can act as both the regulator and as the prosecutor where financial services are concerned.
As a regulatory body, the FCA is responsible for the regulation of financial services such as mortgage advice, insurance, banking, investments and securities, all of which must be authorised in order to be legally effective. It is also an offence according to the 2002 Act to engage in the promotion of unauthorised investments, although there are a few exceptions.
The Act also serves to regulate the activities of those engaged in the provision of financial services, and a breach may lead to a civil action, criminal prosecution, or both. S.118 defines what constitutes ‘market abuse’, including insider dealing.
The financial regulations as set down by the Financial Services and Markets Act (FSMA) 2000 are complex and will be strictly applied by the FCA. For individuals and companies providing financial services to clients, it is therefore important to fully understand these regulations in order to ensure that your legal obligations are always fully met. If something does go wrong, it will be essential to take swift and appropriate action, based on sound and reliable legal advice. Whatever your requirements, the specialist solicitors at Ackroyd Legal can help you.
We can therefore provide a full service and deal with any other matters that may arise, for example issues related to civil litigation. Our service is cost-effective and tailored to meet your needs. For more information, please contact us without obligation, and we will be very happy to help.
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