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ARTICLE · 15 APRIL 2013

The UK’s New Regulatory Structure

Deloitte
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On 1 April 2013 the Financial Services Act 2012 came into force, removing the Financial Services Authority from the scene and delivering a new regulatory structure for the UK, comprising the Prudential Regulation Authority and the Financial Conduct Authority.

United KingdomFinance and Banking
Deloitte LLP
Deloitte LLP
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Some unfinished business

On 1 April 2013 the Financial Services Act 2012 came into force, removing the Financial Services Authority (FSA) from the scene and delivering a new regulatory structure for the UK, comprising the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).This briefing note, published on 28 March 2013, explores some of the unanswered questions about how the new regulators might operate.

It is commonly referred to as a "twin peaks" structure, with the PRA responsible for the prudential supervision of banks, insurance firms and the largest investment firms and the FCA responsible for conduct and markets, along with the prudential supervision of all other firms. In reality, the picture is more complicated, with the Bank of England's Financial Policy Committee (FPC) taking on formal responsibility for macro prudential supervision and the Bank itself becoming the supervisor of central counterparties (CCPs). And of course HM

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