What is the primary legislation governing financial services in the UK?

The Financial Services and Markets Act 2000 is the primary legislation governing financial services in the UK. This act provides the legal framework for the regulation of financial services and markets, establishing the roles and responsibilities of various financial regulatory bodies, including the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). It is crucial because it outlines the principles for regulation, consumer protection, and the conduct of financial entities, enabling the UK to maintain the integrity of its financial system.

Other options, while relevant to financial services, do not serve as primary legislation. The Financial Conduct Authority Regulation, for instance, refers more specifically to the regulations enacted under the authority of the FCA rather than a standalone legislative framework. The Money Laundering Act 2020 focuses on crime prevention related to financial transactions rather than overall financial regulation. Similarly, the Data Protection Act 2018 addresses data protection and privacy issues rather than financial service regulation.