- financial services law
the law applying to financial services such as investments and pensions. This area was thoroughly overhauled by the Financial Services Act 1986, passed to implement the recommendations of the Gower Report on Investor Protection. The regime put in place by that Act operated through the Securities and Investments Board (SIB), which authorised bodies to act as regulators. The SIB has now been replaced by the Financial Services Authority (FSA), created by the Financial Services and Markets Act 2000. This authority takes over the regulatory functions previously divided between a wide range of other organisations. For example, it will be responsible for the regulation of the Lloyds Insurance market, building societies and banks as well as companies in the investment industry. It has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the protection of consumers; and fighting financial crime. The range of this newly organised law is wider than often thought: it has been held that authorisation is required to market and sell a computer package that gave advice on trading equity options: In Re Market Wizard Systems (UK) Ltd 1998 TLR 495.
Collins dictionary of law. W. J. Stewart. 2001.
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