UK Act of Parliament
2023
United Kingdom
Financial Services and Markets Act 2023
At a glance
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 9
- Director or Officer 2
- Trader 2
- Responsible Person 2
- Employer 1
Plus 37 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Supporting — topic alignment
2 guidesMentioned in related content
1 guidesOther Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Responsible Persons also bound by 104 other Acts (top 5 shown)
- MH(CT)(S)A 2003 2003 45 duties
- Climate Change Levy (General) Regulations 2001 2001 24 duties
- The Offshore Installations (Prevention of Fire and Explosion, and Emergency Response) Regulations 1995 1995 21 duties
- Offshore Installations (Offshore Safety Directive) (Safety Case ) Regulations 2015 2015 21 duties
- The Offshore Installations (Safety Case) Regulations 2005 2005 19 duties
Employers also bound by 694 other Acts (top 5 shown)
- The Income Tax (Pay As You Earn) Regulations 2003 2003 236 duties
- Provision and Use of Work Equipment Regulations 1998 1998 120 duties
- TULRCA 1992 1992 72 duties
- Employment Rights (Northern Ireland) Order 1996 (current NI employment law) 1996 52 duties
- Income Tax (Earnings and Pensions) Act 2003 2003 50 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — Regulatory framework
Reports on FMI sandboxes
Other duties (1) — Crown / regulator
- HM Treasury must publish reports on FMI sandbox performance Crown / Minister / Government department
Digital settlement assets: power to make regulations
3 months imprisonment- Breach of digital settlement asset regulations Any Person
Review of rules
Other duties (1) — Crown / regulator
- FCA and PRA must regularly review their rules and publish review policies Statutory regulator
Bank of England: rule-making powers
Other duties (1) — Crown / regulator
- Bank of England must review its rules and publish a review policy Statutory regulator
Browse 49 other sections in this Part — procedural / definitional / commencement
Revocation of assimilated law relating to financial services and markets
Transitional amendments
Power to make further transitional amendments
Power to restate and modify saved legislation
Power to replace references to EU directives
Restatement in rules: exemption from consultation requirements etc
Interpretation of Chapter
Designated activities
Rules relating to central counterparties and central securities depositories
Central counterparties and central securities depositories: other requirements
Rules relating to investment exchanges and data reporting service providers
Treasury directions to Bank of England: restrictions
Testing of FMI technologies or practices
Permanent implementation of arrangements tested under an FMI sandbox
Regulations
Interpretation
Critical third parties: designation and powers
Critical third parties: related amendments
Financial promotion
Sustainability disclosure requirements
Digital settlement assets
Implementation of mutual recognition agreements
Competitiveness and growth objective
Competitiveness and growth objective: reporting requirements
Regulatory principles
Sections 25 and 27: consequential amendments
Treasury power in relation to rules
Matters to consider when making rules
Effect of rules etc on deference decisions
Effect of rules etc on international trade obligations
Power to disapply or modify rules
Responses to recommendations of the Treasury
Public consultation requirements
Engagement with statutory panels
Engagement with Parliamentary Committees
Reporting requirements
Duty to co-operate and consult in exercising functions
Listing Authority Advisory Panel
Insurance Practitioner Panel
Cost Benefit Analysis Panels
Statement of policy on cost benefit analyses
Statement of policy on panel appointments
Composition of panels
Panel reports
Exercise of FMI regulatory powers
Application of FSMA 2000 to FMI functions
Payment Systems Regulator
Chair of the Payment Systems Regulator as member of FCA Board
Consultation on rules
Part 2 — Access to cash
Browse 2 other sections in this Part — procedural / definitional / commencement
Cash access services
Wholesale cash distribution
Part 3 — Performance of functions relating to financial market infrastructure
Browse 1 other section in this Part — procedural / definitional / commencement
Part 4 — Central counterparties in financial difficulties
Browse 1 other section in this Part — procedural / definitional / commencement
Part 5 — Insurers in financial difficulties
Browse 1 other section in this Part — procedural / definitional / commencement
Part 6 — Miscellaneous
Forest risk commodities: review
Other duties (1) — Crown / regulator
- HM Treasury must review financial system links to illegal deforestation Crown / Minister / Government department
Browse 20 other sections in this Part — procedural / definitional / commencement
Application of provisions to regulatory functions under this Act
Formerly authorised persons
Control over authorised persons
Financial services compensation scheme
The Ombudsman scheme
Unauthorised co-ownership AIFs
Power to amend enactments in consequence of rules
Ambulatory references
Power to amend or repeal certain provisions of FSMA 2000
Power under FSMA 2000 to make transitional provisions
Cryptoassets
Bank of England levy
Bank of England levy: consequential amendments
Liability of payment service providers for fraudulent transactions
Credit unions
Reinsurance for acts of terrorism
Banking Act 2009: miscellaneous amendments
Arrangements for the investigation of complaints
Politically exposed persons: money laundering and terrorist financing
Politically exposed persons: review of guidance
Part 7 — General
Browse 8 other sections in this Part — procedural / definitional / commencement
Interpretation
Pre-commencement consultation
Financial provision
Power to make consequential provision
Regulations
Extent
Commencement
Short title
Schedules
For Article 18 substitute— Article 18 Systematic internalisers: pre-trade transparency...
- Systematic internalisers must comply with FCA pre-trade transparency rules Trader
After Article 28 insert— Article 28a Suspension or modification of...
Other duties (1) — Crown / regulator
- FCA may suspend or modify the derivatives trading obligation (DTO) Statutory regulator
Transparency requirements for equities
Other duties (1) — Crown / regulator
- FCA must consider calibration when setting equity transparency standards Statutory regulator
In regulation 111 (financial penalties)— (a) omit “or” at the...
Unlimited fine- Contravene payment services requirements Any Person
After section 203B (annual report) insert— Policy statement (1) The Bank of England must prepare a statement of...
Other duties (1) — Crown / regulator
- Bank of England must publish policy statement on oversight of digital settlement asset payment systems Statutory regulator
In section 98 (duty of regulators to ensure co-ordinated exercise...
Other duties (1) — Crown / regulator
- FCA must coordinate with PRA on listed functions Statutory regulator
Before section 103 (regulator’s general duty to consult) insert (under...
Other duties (1) — Crown / regulator
- Payment Systems Regulator must consider specified matters before imposing generally applicable requirements Statutory regulator
After section 104 insert— Requirements in connection with public consultations...
Other duties (1) — Crown / regulator
- Payment Systems Regulator must disclose panel engagement in public consultations Statutory regulator
After Part 8A of FSMA 2000 (short selling) insert— PART...
- Comply with FCA rules and directions if designated under cash access regime Responsible Person
In section 3D (duty of FCA and PRA to ensure...
Other duties (1) — Crown / regulator
- FCA must consider consumer protection duty under Part 8B when coordinating with PRA Statutory regulator
In section 232A (ombudsman scheme operator’s duty to provide information...
Other duties (1) — Crown / regulator
- Ombudsman scheme operator must provide information to FCA relating to Part 8B purposes Statutory regulator
After Part 5 of the Banking Act 2009 (payment systems)...
Other duties (1) — Crown / regulator
- Bank of England must oversee wholesale cash distribution and publish policy Statutory regulator
Performance of functions relating to financial market infrastructure
Unlimited fine- Perform a function in breach of a Part‑18 prohibition order Any Person
In Part 18 of FSMA 2000 (recognised investment exchanges, clearing...
Unlimited fine- Perform a function in breach of a Part 18 prohibition order Any Person
Central counterparties
- Act on Bank of England directions for your CCP Any Person
- Comply with Bank of England directions to remove resolution barriers Director or Officer
Stay on terminating membership
- Do not terminate CCP membership during 48-hour resolution stay Any Person
Restriction on remuneration
Other duties (1) — Crown / regulator
- Bank of England may restrict discretionary payments to CCP employees and shareholders for up to 5 years Statutory regulator
International obligation notice: bridge central counterparty
Other duties (1) — Crown / regulator
- Bank of England must comply with Treasury notice on bridge CCP international obligations Crown / Minister / Government department
Private sector purchaser: report
Other duties (1) — Crown / regulator
- Bank of England must report to Chancellor on CCP resolution share/property transfers Crown / Minister / Government department
Bridge central counterparty: report
Other duties (1) — Crown / regulator
- Bank of England must report to Chancellor on bridge CCP activities Crown / Minister / Government department
Resolution instruments: report
Other duties (1) — Crown / regulator
- Bank of England must report to Treasury on CCP resolution instruments Crown / Minister / Government department
Transfer of ownership: report
Other duties (1) — Crown / regulator
- Bank of England must report to Chancellor on CCP share transfer instruments Statutory regulator
Removal of directors and senior managers and appointment of temporary manager: notice requirements
Other duties (1) — Crown / regulator
- Bank must provide detailed notice when removing directors or appointing temporary managers Statutory regulator
Reports by skilled persons
- Assist the skilled person appointed by the Bank to prepare a report Trader
Temporary restriction on remuneration
Other duties (1) — Crown / regulator
- Bank of England must publish policy on temporary remuneration restrictions Statutory regulator
Offences etc
Unlimited fine- Falsify, conceal or destroy documents, provide false info, or obstruct an FCA/PRA investigation Director or Officer
Prosecution of offences under paragraph 132
Other duties (1) — Crown / regulator
- Bank must obtain consent and follow Treasury conditions when prosecuting paragraph 132 offences Statutory regulator
Determination of sanctions
Other duties (1) — Crown / regulator
- Bank of England must consider relevant factors when determining sanctions Statutory regulator
Publication
- Do not publish a warning or decision notice you receive from the Bank Any Person
Co-operation
Other duties (1) — Crown / regulator
- Bank of England must co-operate with FCA and foreign regulators on sanctions Statutory regulator
Resolution liaison panel
Other duties (1) — Crown / regulator
- Treasury must establish a resolution liaison panel for CCPs Crown / Minister / Government department
Pre-resolution valuation
Other duties (1) — Crown / regulator
- Bank of England must value a CCP before using stabilisation powers Statutory regulator
Replacement of Bank’s provisional valuation
Other duties (1) — Crown / regulator
- Bank of England must appoint an independent valuer for a full CCP valuation Crown / Minister / Government department
Safeguards relating to directions under paragraph 2
Other duties (1) — Crown / regulator
- Bank must issue safeguard notice with every direction to a CCP Statutory regulator
Tear-up power
Other duties (1) — Crown / regulator
- Bank of England must publish policy on 'commercially reasonable' tear-up payments Crown / Minister / Government department
Report on provisions in write-down instrument
Other duties (1) — Crown / regulator
- Bank of England must report to Chancellor on write-down instrument provisions Statutory regulator
Bridge central counterparties: reverse share transfer
Other duties (1) — Crown / regulator
- Bank must not reverse share transfer without consent or ownership and after consultation Crown / Minister / Government department
Foreign property
- Make foreign property transfers effective under foreign law Any Person
Private sector purchaser: reverse property transfer
Other duties (1) — Crown / regulator
- Bank must obtain written consent before reversing a property transfer from a private-sector buyer Statutory regulator
Bridge central counterparties: reverse property transfer
- Bank of England must consult regulators and meet conditions before reverse property transfer from bridge CCP Employer
Transfer of ownership: reverse property transfer
Other duties (1) — Crown / regulator
- Bank must meet conditions and consult FCA/PRA before reverse property transfers Statutory regulator
Bridge central counterparty: supplemental reverse property transfer powers
Other duties (1) — Crown / regulator
- Bank of England must consult regulators and satisfy conditions before reversing bridge CCP property transfers Statutory regulator
Instruments: notification of members and creditors
Other duties (1) — Crown / regulator
- Bank must notify CCP members and creditors of stabilisation instruments Statutory regulator
Restriction of security interests
Other duties (1) — Crown / regulator
- Bank of England may suspend security enforcement rights when resolving a CCP Statutory regulator
After Schedule 19 to FSMA 2000 (competition information), insert— SCHEDULE...
- Provide information or assistance to the manager of a write-down order Responsible Person
After section 217 (insurers in financial difficulties) insert— Insurers subject...
Other duties (1) — Crown / regulator
- Compensation scheme must safeguard policyholders affected by write-down orders Statutory regulator
Conditional sale and hire purchase agreements
- Comply with conditions when offering conditional sale or hire purchase agreements Any Person
Browse 362 other Schedules — structural / supplementary
Transitional amendments
New Schedule 6B to FSMA 2000
Accountability of the Payment Systems Regulator
Cash access services
Wholesale cash distribution
Insurers in financial difficulties: enforcement of contracts
Revocation of assimilated law relating to financial services
Introductory
For Article 21 substitute— Article 21 Investment firms (including systematic...
Systematic internalisers and other investment firms
Share trading obligation
In Article 1(2E), omit “Article 23,”.
Derivatives trading obligation
(1) Article 28 (obligation to trade on regulated markets, MTFs...
For Article 31 substitute— Article 31 Risk reduction services The FCA may by rules provide for one or more...
Consequential amendments relating to this Part
In Article 12(1) after “accordance with” insert “, or with...
In Article 13(1) after “accordance with” insert “, or with...
Omit Article 19.
In Article 26(3), omit “and Article 21(5)(a)”.
In Article 47(1A)(a), after “Regulation” insert “or in rules made...
In Article 50B (FCA directions), omit “Article 5, Article 9...
(1) Article 50C (other FCA directions) is amended as follows....
(1) Article 50D (FCA rules) is amended as follows.
Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and...
After Article 6a insert— Article 6b Risk reduction services The Bank of England may by rules provide for the...
For Article 4 substitute— Article 4 Waivers for equity instruments...
After Article 84b insert— Article 84c Bank of England rules...
Introductory
STS equivalent non-UK securitisations
After Article 28 (third party verifying STS compliance) insert— CHAPTER...
Minor and consequential amendments
In Article 4 (requirements for securitisation special purpose entities)—
(1) Article 5 (due-diligence requirements for institutional investors) is amended...
(1) Article 46 (Treasury review) is amended as follows.
In Regulation (EU) No 575/2013 of the European Parliament and...
In Commission Delegated Regulation (EU) 2015/35 of 10 October 2014...
After Article 4 insert— Article 4a Suspension of waivers The FCA may direct that a waiver provided for by...
In Article 11(1) of Regulation (EU) 2017/1131 of the European...
The Securitisation Regulations 2018 (S.I. 2018/1288) are amended in accordance...
In regulation 2 (interpretation), in the definition of “SRUP”, in...
In regulation 4 (designation of competent authorities), in paragraph (1)(b),...
Introductory
Position limits for commodity derivatives
(1) Regulation 16 (FCA duty to establish position limits) is...
(1) Regulation 27 (FCA power to require information) is amended...
(1) Regulation 28 (FCA power to intervene) is amended as...
In regulation 29 (interpretation of Part 3), in paragraph (2)—...
Omit Article 5 (volume cap mechanism).
Consequential revocations relating to this Part
(1) Regulation 19B of the Central Counterparties (Amendment, etc., and...
The Electronic Money Regulations 2011 (S.I. 2011/99) are amended in...
In regulation 48 (monitoring and enforcement), after paragraph (1)(a) insert—...
In regulation 49 (reporting requirements), after paragraph (1) insert—
In regulation 50 (public censure), after “Regulations” insert “or, in...
In regulation 51 (financial penalties)— (a) omit “or” at the...
In regulation 52 (suspending authorisation etc), in paragraph (1) after...
In regulation 54 (injunctions)— (a) omit “or” at the end...
In regulation 55 (power to require restitution), in paragraph (1)...
(1) Article 14 (obligation for systematic internalisers to make public...
In regulation 57 (restitution orders), in paragraph (1) after “requirement,”...
In regulation 58 (complaints), in paragraph (1)—
In Schedule 3 (application and modification of legislation)—
The Payment Services Regulations 2017 (S.I. 2017/752) are amended in...
In regulation 108 (monitoring and enforcement), after paragraph (1)(a) insert—...
In regulation 109 (reporting requirements), after paragraph (1) insert—
In regulation 110 (public censure), after “Regulations” insert “or, in...
In regulation 113 (injunctions)— (a) omit “or” at the end...
In regulation 114 (power to require restitution), in paragraph (1)...
Transparency requirements for fixed income instruments and derivatives etc
In regulation 116 (restitution orders), in paragraph (1) after “requirement,”...
In regulation 117 (complaints), in paragraph (1)—
In Schedule 6 (application and modification of legislation)—
Systematic internalisers and other investment firms
In Article 17a (tick sizes), in the second paragraph, omit...
FMI Sandboxes
Participation
Technology
Practices
Financial instruments
Settlement of payments
Requirements
Cooperation
Transparency and reporting
Enforcement
Financial promotion: related amendments
FSMA 2000 is amended as follows.
(1) Section 55Y (exercise of own-initiative power: procedure) is amended...
(1) Section 55Z (cancellation of Part 4A permission: procedure) is...
In section 55Z3 (right to refer matters to the Tribunal),...
In section 1H (further interpretative provisions for sections 1B to...
In section 25 (contravention of section 21), in subsection (2)(a)...
In section 55A (application for permission), after subsection (5) insert—...
(1) Section 55O (imposition of requirements on acquisition of control)...
In section 55R (persons connected with an applicant), in subsection...
In section 55U (applications under Part 4A), after subsection (3)...
In section 55V (determination of applications), in subsection (5)—
(1) Section 55X (determination of applications: warning notices and decision...
Digital settlement assets
The Banking Act 2009 is amended as follows.
In the heading to section 185 (recognition criteria) after “criteria”...
After section 185 insert— Recognition criteria: DSA service provider (1) The Treasury may make a recognition order in respect...
(1) Section 186 (procedure) is amended as follows.
(1) Section 186A (amendment of recognition order) is amended as...
(1) Section 187 (de-recognition) is amended as follows.
(1) Section 188 (principles) is amended as follows.
In section 189 (codes of practice)— (a) the words after...
In section 190 (system rules), in subsection (1)(a)—
After section 190 insert— Service provider rules (1) The Bank of England may require a recognised DSA...
(1) Section 191 (directions) is amended as follows.
In the heading to Part 5 (payment systems), after “systems”...
After section 192 (role of FCA and PRA), insert— Power...
(1) Section 193 (inspection) is amended as follows.
(1) Section 194 (inspection: warrant) is amended as follows.
(1) Section 195 (independent report) is amended as follows.
In section 196 (compliance failure)— (a) after first “system” insert...
In section 197 (publication), in subsection (1)—
In section 198 (penalty), in subsection (1)—
(1) Section 199 (closure) is amended as follows.
(1) Section 200 (management disqualification) is amended as follows.
(1) Section 201 (warning) is amended as follows.
In section 181 (overview), after “services” insert “, including”.
In section 202 (appeal), in subsection (2)—
(1) Section 202A (injunctions) is amended as follows.
In section 203 (fees), in subsection (1)—
(1) Section 204 (information) is amended as follows.
(1) Section 205 (pretending to be recognised) is amended as...
(1) Section 206 (saving for informal oversight) is amended as...
(1) Section 206A (services forming part of recognised payment systems)...
After section 206A insert— Service providers connected with a recognised...
In section 259 (statutory instruments), in the Table in subsection...
(1) Section 182 (interpretation of payment system) is amended as...
The Financial Services (Banking Reform) Act 2013 is amended as...
(1) Section 41 (meaning of payment system) is amended as...
(1) Section 42 (participants in payment systems) is amended as...
In section 110 (interpretation of Part), at the appropriate place...
In section 112 (interpretation: infrastructure companies), after subsection (2)(a) insert—...
In section 113 (interpretation: other expressions), in subsection (1) at...
(1) Section 115 (objective of FMI administration) is amended as...
In section 143 (Parliamentary control of orders and regulations), after...
(1) Section 183 (interpretation of other expressions) is amended as...
In the cross-heading before section 184 (recognition order), after “systems”...
In the heading to section 184 , after “order” insert...
In section 184, in subsection (4), after “constituting” insert “or...
After section 184 insert— Recognition order: DSA service provider (1) The Treasury may by order (“recognition order”) specify a...
The Financial Services (Banking Reform) Act 2013 is amended as...
In section 143 (orders and regulations: Parliamentary control), in subsection...
In Schedule 4 (the Payment Systems Regulator), after paragraph 7(2)(b)...
In Schedule 4, after paragraph 7 insert— Other reports (1) The Treasury may (subject to this paragraph) at any...
In Schedule 4, after paragraph 14 insert— Engagement with Parliamentary...
In section 39 (overview)— (a) after subsection (11) insert—
In section 53 (regulatory principles), in paragraph (c) at the...
After section 102 (power of PRA to require Regulator to...
In section 104 (consultation in relation to generally applicable requirements)—...
After section 107 insert— International trade obligations (1) This section applies where it appears to the Payment...
In section 110(1) (interpretation), at the appropriate place insert— “generally...
FSMA 2000 is amended as follows.
In section 55H (variation by FCA at request of authorised...
In section 55L (imposition of requirements by FCA), in subsection...
In section 55T (persons whose interests are protected), after “operational...
In section 395 (the FCA’s and PRA’s procedures), in subsection...
In section 429 (Parliamentary control of statutory instruments), in subsection...
Banking Act 2009
In section 259 (statutory instruments), in subsection (3), in the...
In section 261 (index of defined terms)—
Financial Services Act 2012
(1) Section 85 (relevant functions in relation to complaints scheme)...
(1) Section 110 (payment to Treasury of penalties received by...
Financial Services (Banking Reform) Act 2013
Part 6 of the Financial Services (Banking Reform) Act 2013...
In section 111 (financial market infrastructure administration), in the heading,...
(1) Section 112 (interpretation: infrastructure companies) is amended as follows....
In section 113 (interpretation: other expressions), in subsection (1)—
In section 115 (objective of FMI administration), after subsection (1A)...
In section 119 (continuity of supply), in subsection (6), in...
In section 120 (power to direct FMI administrator), in subsection...
In section 127 (interpretation of Part), in subsection (1), at...
Section 312FA is omitted.
In section 313 (interpretation of Part 18), in subsection (1)—...
(1) Section 347 (the record of authorised persons etc) is...
In section 391 (publication of notices), in subsection (1ZB), after...
(1) Section 392 (application of sections 393 and 394) is...
In section 395 (the FCA’s and PRA’s procedures), in subsection...
(1) Section 417(1) (interpretation) is amended as follows.
In section 429 (Parliamentary control of statutory instruments)
(1) Schedule 1ZA (the Financial Conduct Authority) is amended as...
In Schedule 2A (Gibraltar-based persons carrying on activities in the...
Amendments to FSMA 2000
(1) Schedule 17A (further provision in relation to exercise of...
Financial Services Act 2012
(1) Section 56 (prohibition orders) is amended as follows—
(1) Section 57 (prohibition orders: procedure and right to refer...
In section 59AB(1) (specifying functions as controlled functions: transitional provision),...
In section 133(7A) (proceedings before Tribunal: general provision), after paragraph...
In section 138A (modification or waiver of rules), in subsection...
(1) Section 168 (appointment of persons to carry out investigations...
In the heading of Chapter 3B of Part 18, at...
Overview
Right to refer matters to the Tribunal
Suspension: general provision
Pensions
Disputes
Tax
Stay or sist of legal proceedings
Insolvency proceedings
Recognition of transferee company
International obligation notice: general
Removal of directors and senior managers and appointment of temporary manager: procedure
Public funds: general
Public funds: bridge central counterparty
Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies
Paragraph 117: supplemental
Information
Appointment of persons to carry out general investigations
Appointment of person to carry out investigations in particular cases
Investigations etc in support of foreign resolution authorities
Investigations: general
Powers of persons appointed under paragraph 121
Powers of persons appointed as a result of paragraph 122
Admissibility of statements made to investigators
Information and documents: supplemental provision
Protected items
Entry of premises under warrant
Retention of documents obtained under paragraph 130
Offences under paragraph 132 by bodies corporate etc
Injunctions to prevent failure to comply with relevant requirement
Regulatory sanctions
Procedure: warning notice
Procedure: decision notice
Restriction on remuneration: review and revocation
Procedure: general
Appeals
Injunctions: failure to comply with certain paragraph 136 sanctions
Third-country resolution actions
Effects of recognition on third-country resolution action
Third-country instruments: supplementary provision
Information
Restrictions on disclosure of confidential information
Special resolution objectives
Remedies on judicial review
Giving of notices, documents etc under this Schedule
“Financial assistance”
Modifications to the law
Interpretation
Recognised central counterparty
Interpretation: “CCP group company”, etc
Consolidated Fund
National Loans Fund
Bank of England Act 1998
Code of Practice
Financial Services and Markets Act 2000
Companies Act 2006
Banking Act 2009
Financial Services Act 2012
Financial Services (Banking Reform) Act 2013
Modified application of corporate law to CCPs in resolution
General conditions
Effect on other group members
Specific conditions: financial assistance cases
Removal of impediments to the exercise of stabilisation powers etc
Restrictions on use of certain resolution powers
Independent valuer: valuation under paragraph 22 or 23
Independent valuer: supplemental
Consequences of a replacement valuation
Private sector purchaser
Private sector purchaser: marketing
Bridge central counterparty
Transfer of ownership
Cash call power
Power to reduce variation margin payments
Write-down power
Powers in relation to securities
Priority between creditors
Power to take control
Shadow directors etc
Resolution plans
Interpretation: “securities”
Share transfer instrument
Effect
Continuity
Conversion and delisting
Directors and senior managers
Ancillary instruments: production, registration, etc
Incidental provision
Procedure: instruments
Supplemental instruments
Removal of directors and senior managers
Onward transfer
Reverse share transfer
Bridge central counterparties: share transfers
Property transfer instrument
Effect
Transferable property
Continuity
Directors and senior managers
Recognised central counterparty rules
Temporary manager
Recognised central counterparty membership
Licences
Incidental provision
Procedure
Property transfer instrument: delisting
Transfer of property subsequent to resolution instrument
Supplemental instruments
Onward transfer
Paragraphs 5 and 6: conditions
Transfer of ownership and private sector purchaser: property transfer
Bridge central counterparty: supplemental property transfer powers
Restriction of partial transfers
Power to protect certain interests
Creation of liabilities
Regulations for safeguarding certain financial arrangements: write-down instruments
Resolution instruments: effect and supplementary matters
Temporary manager: further provisions in relation to the appointment
Write-down instruments: supplementary
Resolution instruments: procedure
Supplemental resolution instruments
Directors and senior managers
Termination rights etc
Deferment
Recovery of expenses
Compensation scheme
General continuity obligation: property transfers
Temporary manager: instrument of appointment
Special continuity obligations: property transfers
Continuity obligations: onward property transfers
General continuity obligation: share transfers
Special continuity obligations: share transfers
Continuity obligations: onward share transfers
Continuity obligations: consideration and terms
Continuity obligations: termination
Suspension of obligations
Suspension of termination rights
Write-down orders
(1) Part 24 of FSMA 2000 (insolvency) is amended as...
In section 429 (Parliamentary control of statutory instruments), in subsection...
In Schedule 1ZB (the PRA), in paragraph 33(2) (exemption from...
Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
After Schedule 19A to FSMA 2000 (the manager of a...
Part 15 of FSMA 2000 (the Financial Services Compensation Scheme)...
In section 219 (scheme manager’s power to require information), in...
After section 220 (scheme manager’s power to inspect information held...
FSMA 2000
(1) Section 348 (restrictions on disclosure of confidential information by...
(1) Part 24 of FSMA 2000 (insolvency) is amended as...
In section 429 of FSMA 2000 (Parliamentary control of statutory...
Credit unions
Introductory
Minor and consequential amendments
In section 23A (power to make provision corresponding to provision...
In section 29 (orders and regulations), in subsection (2) for...
(1) Section 31 (interpretation, etc.) is amended as follows.
In Schedule 1 (matters to be provided for in rules...
Transitional provision
The amendment made by paragraph 13(4)(b) does not apply in...
Specified financial activities
After section 1 insert— Specified financial activities (1) The financial activities specified for the purposes of the...
In section 2 (supplementary and transitional provisions as to registration),...
Shares
Ancillary services
Loans
Insurance distribution activities
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- UK’s derivatives trading obligation | FCA (opens in a new tab) from FCA Detailed Guidance
- Changes to credit union legislation in Great Britain | FCA (opens in a new tab) from FCA Detailed Guidance
- Credit unions carrying out consumer credit activities | FCA (opens in a new tab) from FCA Detailed Guidance
- Helping people access cash | FCA (opens in a new tab) from FCA Detailed Guidance
- Access to cash | Payment Systems Regulator (opens in a new tab) from PSR Detailed Guidance
- Financial Services and Markets Act 2023 | Payment Systems Regulator (opens in a new tab) from PSR Detailed Guidance
- The Bank of England’s approach to enforcement | Bank of England (opens in a new tab) from PRA Detailed Guidance
- Rule Review | Bank of England (opens in a new tab) from PRA Detailed Guidance
- FCA - Cryptoassets AML / CTF regime (opens in a new tab) from FCA Detailed Guidance
- HMRC - Money laundering supervision for money service businesses (opens in a new tab) from HMRC Detailed Guidance
- ... and 7 more
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
FCA
PrimaryFinancial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
Prudential Regulation Authority
Part of the Bank of England. Prudentially regulates and supervises around 1,292 banks, building societies, credit unions, insurers, and major investment firms. …
Payment Systems Regulator
Economic regulator for payment systems in the UK. Promotes competition, innovation, and service-user interests in payment systems. Regulates participants in designated payment …
Connected legislation
21 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (21)
- The Bank Recovery and Resolution (Amendment) Regulations 2025 2025
- The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 2024
- The Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 2023
- The Financial Services and Markets Act 2023 (Capital Buffers and Macro-prudential Measures) (Consequential Amendments) Regulations 2025 2025
- The Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 2025
- The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 2025
- The Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 2024
- The Financial Services and Markets Act 2023 (Commencement No. 6) Regulations 2024 2024
- The Financial Services and Markets Act 2023 (Commencement No. 7) Regulations 2024 2024
- The Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 2024
- The Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025 2025
- The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 2024
- The Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025 2025
- The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 2025
- The Insurance and Reinsurance Undertakings (Prudential Requirements) (Transitional Provisions and Consequential Amendments) Regulations 2024 2024
+ 6 more statutory instruments
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Browse legislation
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Regulators
Learn more about the bodies that enforce this legislation.