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ARTICLE · 09 JANUARY 2013

December 2012 Global Corporate Insurance & Regulatory Bulletin

Mayer Brown
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The Financial Services Act 2012 (the "Act") received Royal Assent on 19 December 2012.

GlobalInsurance
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Editors: Martin Mankabady , Lawrence R. Hamilton and David W. Alberts

Keywords: The Financial Services Act, FSA, Lloyd's, EIOPA, NAIC, Solvency II

UK – Financial Services Act 2012 receives Royal Assent

The Financial Services Act 2012 (the "Act") received Royal Assent on 19 December 2012. The Act, which will come into force on 1 April 2013, will deliver the long-awaited reform of financial regulation in the UK, replacing the old tripartite system. Among other things, the Act:

  • gives the Bank of England responsibility for protecting and enhancing financial stability, bringing together macro and micro prudential regulation;
  • introduces the Financial Policy Committee; and

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