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<p>The Financial Services and Markets Act 2000 (FSMA) provides the Financial Conduct
Authority (FCA) with immunity from liability in damages, including damages arising
as a result of negligence. It is important, however, to bear in mind that this statutory
immunity does not confer immunity from (i) claims that property rights protected by
Article 1 Protocol 1 of the Human Rights Act 1998 have been unlawfully interfered
with, or (ii) claims for judicial review of the FCA's actions.</p><p> </p><p>The statutory
immunity of the FCA is important in enabling it to take a robust approach to regulation.
This immunity allows the FCA to focus its resources on pursuing its objectives without
the distraction of claims that may frustrate these efforts, or the risk that firms
can delay supervisory interventions through vexatious litigation.</p><p> </p><p>The
FCA’s statutory immunity is held to account by an Independent Complaints Commissioner
who can consider complaints about the way the FCA has carried out, or failed to carry
out, its role. The Commissioner has powers to recommend the payment of compensation
and to require the FCA to publish its response to the recommendation, for example
where it decides not to pay compensation.</p>
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