http://www.legislation.gov.uk/ukpga/2000/8/section/2/2012-07-01Financial Services and Markets Act 2000An Act to make provision about the regulation of financial services and markets; to provide for the transfer of certain statutory functions relating to building societies, friendly societies, industrial and provident societies and certain other mutual societies; and for connected purposes.2000-06-15texttext/xmlenStatute Law Database2026-05-30Expert Participation2012-07-01 Part I The Regulator The Authority’s general duties The Authority’s general duties.21In discharging its general functions the Authority must, so far as is reasonably possible, act in a way—awhich is compatible with the regulatory objectives; andbwhich the Authority considers most appropriate for the purpose of meeting those objectives.2The regulatory objectives are—amarket confidence;abfinancial stability;b. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .cthe protection of consumers; anddthe reduction of financial crime.3In discharging its general functions the Authority must have regard to—athe need to use its resources in the most efficient and economic way;bthe responsibilities of those who manage the affairs of authorised persons;cthe 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;dthe desirability of facilitating innovation in connection with regulated activities;ethe international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom;fthe need to minimise the adverse effects on competition that may arise from anything done in the discharge of those functions;gthe desirability of facilitating competition between those who are subject to any form of regulation by the Authority.hthe desirability of enhancing the understanding and knowledge of members of the public of financial matters (including the UK financial system).4The Authority’s general functions are—aits function of making rules under this Act (considered as a whole);bits function of preparing and issuing codes under this Act (considered as a whole);cits functions in relation to the giving of general guidance (considered as a whole); anddits 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).S. 2(2)(ab) inserted (8.4.2010) by Financial Services Act 2010 (c. 28), ss. 1(2), 26(1)(a)S. 2(2)(b) omitted (12.10.2010) by virtue of Financial Services Act 2010 (c. 28), ss. 2(2)(a), 26(3); S.I. 2010/2480, art. 2S. 2(3)(h) inserted (12.10.2010) by Financial Services Act 2010 (c. 28), ss. 2(2)(b), 26(3); S.I. 2010/2480, art. 2S. 2(4)(a) restricted (17.8.2001) by S.I. 2001/2617, arts. 2(a), 4(3), Sch. 2 paras. 9, 11S. 2(4)(c) restricted (17.8.2001) by S.I. 2001/2617, arts. 2(a), 4(3), Sch. 2 paras. 13-16