A guide to the new UK financial services regulatory structure: index

This practice note acts as an index to Practical Law's resources on the reforms to the UK financial services regulatory structure that took place on 1 April 2013.

Contents

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 (FMIs) and the Financial Policy Committee (FPC) was established on a statutory basis. The government has also made other significant changes to aspects of financial services regulation as part of the reform process.

This practice note lists and provides links to Practical Law's resources on the reforms to the regulatory structure.

 

Practice notes

Overviews of the reforms

The following practice notes provide overviews of the reforms:

Materials on the Financial Services Act 2012

The Financial Services Act 2012 (FS Act) was the primary legislation used by the government to enact reforms to the UK financial services regulatory structure. Its main role was to amend the Financial Services and Markets Act 2000 (FSMA) to establish the new regulators and to set out their additional powers.

Materials on Financial Conduct Authority (FCA)

The FCA is the UK financial services regulator responsible for the conduct of all firms that were regulated by the FSA, including firms authorised and subject to prudential supervision by the PRA (PRA-authorised firms or dual-regulated firms). It also acts as the prudential regulator for all firms other than dual-regulated firms (FCA-authorised firms) and regulates firms providing market services and market conduct more generally.

Practical Law has the following notes on the FCA:

Materials on the Prudential Regulation Authority (PRA)

The PRA is responsible for micro-prudential regulation, concerned with the supervision of systemically important firms, including banks and insurers. It is a subsidiary of the BoE.

Practical Law has the following notes on the PRA:

Materials on the Bank of England and the Financial Policy Committee (FPC)

The FS Act transferred regulatory responsibility for UK FMIs to the BoE and formally established the FPC, a committee of the BoE responsible for monitoring the stability and resilience of the UK financial system as a whole.

Practical Law has the following notes on the roles of the BoE and the FPC

 

Articles

Practical Law has published a number of articles on the reforms:

 
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