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ARTICLE · 10 APRIL 2002

The Regulator with Teeth

Reynolds Porter Chamberlain
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United KingdomFinance and Banking
Simon Goldring
Simon Goldring

Originally published in February 2002

The Financial Services and Markets Act 2000 (FSMA) came into effect on 1 December 2001. In addition to creating a "super regulator" for the financial services industry, the Act creates new exposures for company directors and their D&O insurers.

The Act revolutionises the way in which the UK’s financial services industry is regulated - the Financial Services Authority (FSA) becomes a super regulator, taking over the current responsibilities of the Securities and Futures Authority, the Personal Investment Authority and the Building Societies Commission, among others. The purpose of this article is not to review how the Act will affect the financial services sector - instead, its focus is on how the Act will impinge on the activities of company directors and the consequences for their D&O insurers.

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