UK Act of Parliament 2023 United Kingdom

Financial Services and Markets Act 2023

View on legislation.gov.uk (opens in a new tab) Ask Guv about this Act

At a glance

Enforced by

FCA, PRA, PSR

What's here

8 compliance obligations, 3 practical guides across 2 topics · 1 journey · 21 statutory instruments

Penalty landscape

1 of 8 obligations carry imprisonment (3 months). 1 carries different penalties and 6 have no criminal penalty — flagged in the list below.

Who this Act binds

Business-side actors with duties under this Act, ranked by how often they appear.

  • Any Person 3
  • Director or Officer 1

Plus 4 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.

Step-by-step journeys using this legislation

Walkthroughs that take you from a real business situation to compliance.

Relevant guidance

Practical guides for businesses affected by this Act, ordered by how closely they engage with it.

Supporting — topic alignment

2 guides

Mentioned in related content

1 guides

Other 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 749 other Acts (top 5 shown)
Directors and Officers also bound by 224 other Acts (top 5 shown)

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

s.014

Reports on FMI sandboxes

Other duties (1) — Crown / regulator
  • HM Treasury must publish reports on FMI sandbox performance Crown / Minister / Government department
s.029

Review of rules

Other duties (1) — Crown / regulator
  • FCA and PRA must regularly review their rules and publish review policies Statutory regulator
Browse 49 other sections in this Part — procedural / definitional / commencement

Part 2 — Access to cash

Browse 2 other sections in this Part — procedural / definitional / commencement

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

s.079

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

Part 7 — General

Browse 8 other sections in this Part — procedural / definitional / commencement

Schedules

s.sch011

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
Browse 12 other Schedules — structural / supplementary
Read the full Act on legislation.gov.uk (opens in a new tab)

Official guidance

Authoritative sources published by regulators or government explaining this legislation.

Enforcement and responsible bodies

The regulators that administer or enforce this legislation.

FCA

Primary

Financial Conduct Authority

Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …

PRA

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. …

PSR

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)

+ 6 more statutory instruments

Explore more

Browse legislation

Find other UK business legislation with related guidance.

Regulators

Learn more about the bodies that enforce this legislation.