Our governing statute is the Financial Services and Markets Act 2000 (as amended) (the Act).

Our primary objectives

3. Under the Act, we have two primary objectives: (i) a general objective to promote the safety and soundness of all of the firms we regulate; and (ii) an objective specific to our regulation of insurers to contribute to the securing of an appropriate degree of protection for those who are or may become policyholders.

4. The Act requires us to advance our general objective primarily by seeking to:

• ensure that the business of the firms we regulate is carried on in a way that avoids any adverse effect on the stability of the UK financial system; and

• minimise the adverse effect that the failure of one of the firms we regulate could be expected to have on the stability of the UK financial system.