Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

FSMA 2000 definition

What does FSMA 2000 mean? FSMA 2000 refers, in legal practice, to the UK’s core statutory framework for financial services regulation: the financial services and markets act 2000, as amended (including by the Financial Services Act 2012 and the Financial Services and Markets Act 2023). Practitioners use “FSMA 2000” to denote the regime setting the regulatory perimeter and the powers of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). Key features include: - Regulated activities defined via the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO). - Authorisation and permissions (Part 4A) and threshold conditions. - The financial promotion restriction (section 21). -...

UK Dormant Assets Scheme: Regulated Activities, Authorisation, Oversight and Expansion under FSMA/RAO, DBBSA 2008 and the Dormant Assets Act 2022

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Practice notes

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Scope of this Practice Note

This Practice Note sets out the activities connected with administering dormant assets under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, and explains how participating institutions may approach the treatment of dormant assets. It also addresses the broadening of the dormant accounts framework to encompass other categories of dormant assets. In addition, it summarises the Dormant Assets Scheme (DAS) (as amended) and highlights the respective responsibilities of the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA) and the Financial Ombudsman Service in overseeing entities that deal with dormant assets.

Background to the Dormant Assets Scheme: Dormant Bank and Building Society Accounts Act 2008

The Dormant Bank and Building Society Accounts Act 2008 (DBBSA 2008) initially set the statutory basis for a Dormant Assets Scheme (DAS) enabling specified balances in bank and building society accounts to be redirected for community benefit. Under the DBBSA 2008, account holders maintain a right to repayment of those sums from the reclaim fund to which the money is transferred. Comparable arrangements for unclaimed assets operate in several jurisdictions, including Australia, Canada, Ireland, New Zealand, Spain and the USA...

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Web page updated on 22/05/2026

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