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Financial Services Law - Essay Example

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Author : gregstroman

Summary

The Finance Services Act 1986 (hereinto referred as the "Old Act) is the original legislation that regulates the conduct of investment business and incidentally, advertising of investments in the United Kingdom.1 Taking effect from April 1988, the Old Act provided a new framework for investor protection through wide-ranging statutory powers and the establishment of new criminal offences relevant to the financial services industry.2

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Financial Services Law


The Securities and Investment Board (SIB) was the over-all regulator of the investment businesses in the United Kingdom under the Finance Services Act 1986. The SIB is assisted by several-self regulating organizations and recognized professional bodies. The self-regulating bodies used to be: the Securities and Futures Authority Limited (SFA); Investment Management Regulatory Organization (MRO); Financial Intermediaries, Managers, and Brokers Regulatory Association (FIMBRA); and Life Assurance Unit Trust Regulatory Organization (LAUTRO).5
Because of the many regulatory bodies involved, many rules and regulations were enacted, thus confusion in the enforcement of Old Act did arise. ...
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