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(1)The Financial Services and Markets Act 2000 is amended as follows.
(2)In section 2(2) (the FSA's regulatory objectives), after paragraph (a) insert—
(3)After section 3 insert—
(1)The financial stability objective is: contributing to the protection and enhancement of the stability of the UK financial system.
(2)In considering that objective the Authority must have regard to—
(a)the economic and fiscal consequences for the United Kingdom of instability of the UK financial system;
(b)the effects (if any) on the growth of the economy of the United Kingdom of anything done for the purpose of meeting that objective; and
(c)the impact (if any) on the stability of the UK financial system of events or circumstances outside the United Kingdom (as well as in the United Kingdom).
(3)The Authority must, consulting the Treasury, determine and review its strategy in relation to the financial stability objective.”
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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