Explanatory Notes

Financial Services and Markets Act 2000

2000 CHAPTER 8

14 June 2000

Commentary on Sections

Schedule 1: the Financial Services Authority

Part IV: Miscellaneous

Paragraph 19: Exemption from liability in damages

775.This paragraph provides immunity for the Authority and its staff from actions for damages except where they act in bad faith or where damages are sought under the Human Rights Act 1998.  Similar immunity is granted to the independent investigator appointed under paragraph 7.

Paragraph 20: Disqualification for membership of House of Commons

776.Serving members of the Authority’s board are disqualified from membership of the House of Commons.  Paragraph 19 makes similar provision in respect of  the Northern Ireland Assembly.  Provision in respect of the Scottish Parliament and the Welsh Assembly are made respectively in the Scotland Act 1998 and the Government of Wales Act 1998.