Definitions for "Financial Services Act 1986"
An Act of Parliament which introduced a system of self regulation for investment related business as it relates to the public. The Act came into full force in 1988.
The Financial Services Act 1986 has established regulations for firms in the investment service industry, including buying and selling of stocks. It has now been overtaken by the Financial Services and Markets Act 2000 which, amongst other things, has centralised regulatory power in the hands of the Financial Services Authority.
This act provided the framework for regulation of the financial services industry in the UK and a regime for the protection of investors. It has been superseded by the Financial Services and Markets Act 2000 .