Legislation, implemented in November 2001, establishing a regulatory framework for UK banking, insurance, and investment. Under the terms of the Act, the Financial Services Authority became the key regulator, taking over functions from the Bank of England, the Building Societies Commission, and the Treasury. However, the Bank of England still retains a regulatory interest where systemic risk to the UK financial system is concerned. See also Financial Ombudsman Service.
Subjects: Financial Institutions and Services.