3.The Act provides the framework within which a single regulator for the financial services industry, the Financial Services Authority (“the Authority”), will operate.  It equips the Authority with a full range of statutory powers and creates the Financial Services and Markets Tribunal (“the Tribunal”). The Act also establishes the framework for single ombudsman and compensation schemes to provide further protection for consumers.
4.The Act makes provision, amongst other things, with respect to:
	the constitution and accountability of the Authority;
	the definition of the scope of regulated activities;
	the control of financial promotion;
	powers of the Authority to authorise, regulate, investigate and discipline authorised persons;
	the recognition of investment exchanges and clearing houses;
	arrangements for the approval of controllers and the performance of regulated activities;
	the oversight of financial services provided by members of the professions;
	regulation and marketing of collective investment schemes;
	certain criminal offences;
	powers to impose penalties for market abuse; and
	the transfer to the Authority of registration functions in respect of building societies, friendly societies, industrial and provident societies and certain other mutual societies.
5.An overview of the Act is set out below.  A detailed description of each Part and the sections is contained in the commentary.  Terms used are defined in the text where they first appear.  There is a glossary of certain terms defined in the Act and certain other terms which are used throughout these notes.
Summary