A brief overview of the Financial Services Act 2012 and the new UK financial regulation framework

25 March 2013

From 1 April 2013, a new financial regulation framework will be operative in the UK. The Financial Services Authority (FSA) is being replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the Bank of England is to have overall responsibility for financial stability and a new Financial Policy Committee (FPC) of the Bank of England is being created. However, the Financial Services Act 2012 does more than just give effect to these regulatory reforms. In this briefing we provide an overview of the new framework and summarise some of the other main areas of change, including the resolution powers under the Banking Act 2009 and the law relating to market manipulation.

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