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Financial Services and Markets Act 2000

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2 The Authority’s general duties.E+W+S+N.I.

This sectionnoteType=Explanatory Notes has no associated

(1)In discharging its general functions the Authority must, so far as is reasonably possible, act in a way—

(a)which is compatible with the regulatory objectives; and

(b)which the Authority considers most appropriate for the purpose of meeting those objectives.

(2)The regulatory objectives are—

(a)market confidence;

[F1(ab)financial stability;]

(b)F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)the protection of consumers; and

(d)the reduction of financial crime.

(3)In discharging its general functions the Authority must have regard to—

(a)the need to use its resources in the most efficient and economic way;

(b)the responsibilities of those who manage the affairs of authorised persons;

(c)the principle that a burden or restriction which is imposed on a person, or on the carrying on of an activity, should be proportionate to the benefits, considered in general terms, which are expected to result from the imposition of that burden or restriction;

(d)the desirability of facilitating innovation in connection with regulated activities;

(e)the international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom;

(f)the need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions;

(g)the desirability of facilitating competition between those who are subject to any form of regulation by the Authority.

[F3(h)the desirability of enhancing the understanding and knowledge of members of the public of financial matters (including the UK financial system).]

(4)The Authority’s general functions are—

(a)its function of making rules under this Act (considered as a whole);

(b)its function of preparing and issuing codes under this Act (considered as a whole);

(c)its functions in relation to the giving of general guidance (considered as a whole); and

(d)its function of determining the general policy and principles by reference to which it performs particular functions.

(5)General guidance” has the meaning given in section 158(5).

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Amendments (Textual)

Modifications etc. (not altering text)

C1S. 2(4)(a) restricted (17.8.2001) by S.I. 2001/2617, arts. 2(a), 4(3), Sch. 2 paras. 9, 11

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