Regulation of Financial Services (Land Transactions) Act 2005: Elizabeth II. Chapter 24

Format:

Corporate Author:

Great Britain

Publisher:

TSO (The Stationery Office)

The Financial Services and Markets Act 2000 (FSMA) provides consumer protection by allowing only authorised or exempt persons (as defined in the act) to carry on a 'regulated activity' in the UK. In order for an activity to be regulated under FSMA it must be carried on by way of business and be specified in an order made under section 22 of FSMA. Regulation by the Financial Services Authority (FSA) of mortgage activities commenced on 31 October 2004. The current Act is intended to enable activities relating to financial arrangements involving the acquisition or disposal of land to be specified as 'regulated activities' under section 22 of FSMA and hence to be brought under FSA regulation.