The United Kingdom's Financial Services and Markets Tribunal was an independent judicial body established under Section 132 of the Financial Services and Markets Act 2000, [1] which heard references arising from decision notices issued by the Financial Services Authority (FSA). In April 2010, the tribunal was abolished and its functions were transferred to the Upper Tribunal. [2]
Examples of such decisions that the tribunal could review included:
There were eight legally qualified chairmen (including the President, Stephen Oliver QC) [4] and 19 lay members with special experience of the financial sector - all appointed by the Lord Chancellor. [1] Appeal against decisions of the tribunal, on a point of law, reverted to the Court of Appeal in England and Wales, and to the Court of Session in Scotland.
Financial regulation is a broad set of policies that apply to the financial sector in most jurisdictions, justified by two main features of finance: systemic risk, which implies that the failure of financial firms involves public interest considerations; and information asymmetry, which justifies curbs on freedom of contract in selected areas of financial services, particularly those that involve retail clients and/or Principal–agent problems. An integral part of financial regulation is the supervision of designated financial firms and markets by specialized authorities such as securities commissions and bank supervisors.
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985. Its board was appointed by the Treasury, although it operated independently of government. It was structured as a company limited by guarantee and was funded entirely by fees charged to the financial services industry.
The Financial Services and Markets Act 2000 is an act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts.
An open-ended investment company or investment company with variable capital is a type of open-ended collective investment formed as a corporation under the Open-Ended Investment Company Regulations 2001 in the United Kingdom. The terms "OEIC" and "ICVC" are used interchangeably with different investment managers favouring one over the other. In the UK OEICs are the preferred legal form for new open-ended investment over the older unit trust.
Markets in Financial Instruments Directive 2014, commonly known as MiFID 2, is a legal act of the European Union (EU). Together with Regulation No 600/2014 it provides a legal framework for securities markets, investment intermediaries, in addition to trading venues. The directive provides harmonised regulation for investment services of the member states of the European Economic Area — the EU member states plus Iceland, Norway and Liechtenstein. Its main objectives are to increase competition and investor protection, as well as level the playing field for market participants in investment services. It repeals Directive 2004/39/EC.
The Administrative Appeals Tribunal (AAT) is an Australian tribunal that conducts independent merits review of administrative decisions made under Commonwealth laws of the Australian Government. The AAT review decisions made by Australian Government ministers, departments and agencies, and in limited circumstances, decisions made by state government and non-government bodies. They also review decisions made under Norfolk Island laws. It is not a court and not part of the Australian court hierarchy; however, its decisions are subject to review by the Federal Court of Australia and the Federal Circuit Court of Australia. The AAT was established by the Administrative Appeals Tribunal Act 1975 and started operation in 1976.
Allied Dunbar was a large British life assurance group. In its early years it was known as Hambro Life Assurance and was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index. However, it was acquired by BAT Industries, merged with Eagle Star, and sold to Zurich Financial Services in 1998.
The Commerce Commission is a New Zealand government agency with responsibility for enforcing legislation that relates to competition in the country's markets, fair trading and consumer credit contracts, and regulatory responsibility for areas such as electricity and gas, telecommunications, dairy products and airports. It is an independent Crown entity established under the Commerce Act 1986. Although responsible to the Minister of Commerce and Consumer Affairs and the Minister of Broadcasting, Communications and Digital Media, the Commission is run independently from the government, and is intended to be an impartial promotor and enforcer of the law.
In England and Wales, a claims management company is a business that offers claims management services to the public. Claims management services consist of advice or services in respect of claims for compensation, restitution, repayment or any other remedy for loss or damage, or in respect of some other obligation. Claims management services cover litigation, or claims under regulation schemes or voluntary arrangements.
The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory agency. It was established in 2011 under EU Regulation 1094/2010.
The Banking Code was a voluntary code of practice agreed by banks in certain countries. The code typically described how banks dealt with accepting deposits and withdrawals and with customer disputes on transactions. Banking codes have in most countries been replaced by government imposed financial regulation governing banking practices.
The Courts and Legal Services Act 1990 was an Act of the Parliament of the United Kingdom that reformed the legal profession and courts of England and Wales. The Act was the culmination of a series of reports and reforms that started with the Benson Commission in the 1970s, and significantly changed the way that the legal profession and court system worked.
The Authorised Conveyancing Practitioners Board is the regulatory organisation and professional association for authorised conveyancers in the United Kingdom. Created in 1990 by the Courts and Legal Services Act 1990, the Practitioners Board oversees authorised conveyancers in the United Kingdom, advising the Lord Chancellor on conveyancing matters, regulating authorised conveyancers and preventing the creation of conveyancing monopolies like those that existed before the 1990 act.
The Financial Services Board (FSB) was the government of South Africa's financial regulatory agency responsible for the non-banking financial services industry in South Africa from 1990 to 2018. On 1 April 2018, its responsibilities were split into two new agencies the Financial Sector Conduct Authority (FSCA) for conduct regulation and the Prudential Authority (PA) for prudential regulation.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
The Listing Rules (LR) are a set of regulations applicable to any company listed on a United Kingdom stock exchange, subject to the oversight of the Financial Conduct Authority (FCA). The Listing Rules set out mandatory standards for any company wishing to list its shares or securities for sale to the public, including principles on executive pay and the requirement to comply or explain noncompliance with the UK Corporate Governance Code, the requirements of information in a prospectus before an initial public offering of shares, new share offers, rights issues, disclosure of price sensitive information, or takeover bids for companies.
The Upper Tribunal is a superior court of record and general tribunal in the United Kingdom.
The European Securities and Markets Authority (ESMA) is an agency of the European Union located in Paris.
South African administrative law is the branch of public law which regulates the legal relations of public authorities, whether with private individuals and organisations or with other public authorities, or better say, in present-day South Africa, which regulates "the activities of bodies that exercise public powers or perform public functions, irrespective of whether those bodies are public authorities in a strict sense." According to the Constitutional Court, administrative law is "an incident of the separation of powers under which the courts regulate and control the exercise of public power by the other branches of government."
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