Overseen by the UK Parliament.
http://www.legislation.gov.uk/ukpga/2000/8/contents
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.
Key Facts
FSMA is concerned with the regulation of financial services and markets in the UK. Under Section 19 of FSMA, any person who carries on a regulated activity in the UK must be authorised by the FSA or exempt (an appointed representative or some other exemption). Breach of section 19 may be a criminal offence.
Additional Information
Do I need to be authorised?
Who it affects
Any person who carries on a regulated activity in the UK.
Wikipedia Entry
http://en.wikipedia.org/wiki/Financial_Services_and_Markets_Act_2000