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How the FSMA will impact on retail financial services

Simon Morris (Cameron McKenna, Mitre House, 160 Aldersgate Street, London)

Journal of Financial Regulation and Compliance

ISSN: 1358-1988

Article publication date: 1 April 2000



The Financial Services and Markets Act (FSMA) will have a significant impact on the UK financial services industry, but it is suggested that it will make relatively few changes in relation to retail financial services. The new regime will regulate some additional retail investments, and it is possible that the design of polarisation will be altered. The greatest impact, however, is likely to result from the FSA's emphasis on senior management responsibility, whereby firms' senior management will be held personally liable if the firm fails to discharge the key retail duties such as know your customer and giving suitable advice.


Morris, S. (2000), "How the FSMA will impact on retail financial services", Journal of Financial Regulation and Compliance, Vol. 8 No. 4, pp. 344-348.




Copyright © 2000, MCB UP Limited

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