Knowledge

Financial Services Act 2012

The Act came into force from the 1st April 2012 and implemented the UK Government?s commitment to strengthen the financial regulatory structure in the UK. The regulation delivered a reform of the regulatory system by dividing responsibilities for financial stability between the Treasury, the Bank of England and FSA. The FSA ceased to exist from the 1st April 2013. The Act transferred responsibility to a new regulator, the PRA, which was established as a subsidiary of the Bank of England. In addition, the act created a new conduct of business regulator - the FCA. The FCA supervises all firms to ensure that business across financial services and markets is conducted in a way that advances the interest of all users and participants.