Abstract
Draft regulations published for consultation by the government under the Financial Services and Markets Act 2000 would create statutory rights of action for loss suffered as a result of regulatory breach by banks and insurers, and would extend such rights to cases where an authorised firm exceeds the scope of its regulatory permission. Although the effect may, in many cases, be to impose strict liability in a wide range of cases, no case has been made out to justify the expansion of statutory civil liability in the financial services sector.
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