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Part II Causes of Action, 3 Unregulated Financial Services and the Impact on Transactions

Gerard McMeel

From: McMeel and Virgo On Financial Advice and Financial Products (3rd Edition)

Edited By: Gerard McMeel, John Virgo

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 15 June 2024

Subject(s):
Financial Services and Markets Act 2000 — Regulated activities — Mortgage — Deposit taking

The previous sectoral or fragmented approach to financial services regulation led to inconsistent conclusions regarding the impact of statutory prohibitions on the integrity of resulting contracts. This chapter shows that the Financial Services and Markets Act 2000 largely continued the solutions introduced by the Financial Services Act 1986 for the particular problems of unauthorised investment and insurance business. The earlier case law remains instructive, in that it sheds light on the judicial techniques deployed. The regime of the 2000 Act is considered, which explicitly provides an answer to this conundrum.

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