Updated: 8th January 2020
The Financial Services and Markets Act (FSMA) 2000 is an Act of Parliament that is most notable for its role in creating the Financial Services Authority (FSA) – a judicial body assigned with the task of regulating the financial services industry in the UK. The primary purpose of the act was to set forth the regulatory objectives and guidelines under which the FSA would operate.
However, FSMA 2000 is now considered obsolete because as of 1 April 2013 the FSA has been abolished in favour of three new financial regulators introduced by the Financial Services Act 2012.
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