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Clifford Chance

Clifford Chance

Briefings

Financial Services Act 2012 and its impact on lending transactions

10 July 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 that are most relevant to those involved in lending transactions, including the resolution powers under the Banking Act 2009.

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