On 1 April 2013, the FSA was abolished and the majority of its functions transferred to two new regulators: the FCA and the 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.

This practice note provides an overview of the development of these reforms, tracking the progress of, and links to, the initial HM Treasury papers and subsequent papers concerning the FCA, the PRA and the FPC, as well as the transfer of supervision of financial market infrastructures (FMIs) to the BoE.

This document is part of a series of notes relating to the new financial services regulatory structure. For more information, see Practice note, April 2013 UK financial services regulatory structure reforms: index of Practical Law materials.