In 1997 significant changes were made to the UK’s regulatory framework. A single statutory body for financial regulation, the Financial Services Authority (FSA), was set up. In addition a tripartite structure for overseeing the UK financial system was established, with distinct roles for the Treasury, the Bank of England and the FSA.
The Financial Services and Markets Act, which came into force on 1 December 2001, gave the FSA its statutory powers.
A two year review of the Financial Services and Markets Act is currently taking place. For more information, read the Financial Secretary's speech of 5 November 2003 or see the consultation documents on changes to secondary legislation: