What is the Financial Services and Markets Act 2000 primarily known for?

The Financial Services and Markets Act 2000 is primarily known for establishing the Financial Services Authority (FSA). This Act was a pivotal piece of legislation in the UK that restructured the regulation of financial services. By creating the FSA, the Act aimed to centralize oversight of the financial markets, ensuring that financial firms adhered to strict standards of conduct and stability. The establishment of the FSA was significant because it centralized the regulation of various financial services, including banking, securities, and insurance, under one umbrella, thereby enhancing the efficiency and coherence of financial regulation in the UK.

The other options, while related to financial regulation, do not capture the primary intent of the Financial Services and Markets Act 2000. The Act does not focus on creating tax regulations, regulating credit unions specifically, or setting consumer protection laws as its main purpose; these areas are often addressed by different pieces of legislation or regulatory bodies. The FSA's role was broader and aimed at ensuring market integrity, protecting investors, and promoting competition within the financial sector.