This note provides an overview of the Bank of England and Financial Services Act 2016.

This Act made reforms to the governance of the Bank of England (BoE) and reforms relating to the financial services sector generally. Among other things, it ended the status of the PRA as a subsidiary of the BoE and established a Prudential Regulation Committee (PRC) in the BoE to exercise the functions of the PRA. The Act also made amendments to the senior managers and certification regime (SM&CR), including the extension of the SM&CR to all firms authorised under the Financial Services and Markets Act 2000 (FSMA).