Financial Services Act 2012: overview of reforms
An overview of the changes to the UK financial services regulatory structure made by the Financial Services Act 2012.
On 1 April 2013, the FSA was abolished and the majority of its functions transferred to two new regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). On the same date, the Bank of England (BoE) took over the FSA's responsibilities for financial market infrastructures and the Financial Policy Committee (FPC) was established on a statutory basis.
For an index of Practical Law's resources on the regulatory structure introduced by the Financial Services Act 2012, see A guide to the new UK financial services regulatory structure: index.