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ARTICLE · 31 JANUARY 2013

Q4 2012 Investment Management Regulatory Update

Deloitte
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The Investment Management Regulatory Update which summarises the regulatory developments affecting the UK investment management sector.

United KingdomStrategy
Deloitte LLP
Deloitte LLP
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Financial Services Act 2012

In December, following Royal Assent, the Financial Services Act 2012 was published and will now come into force on 1 April 2013. The Act:

  • abolishes the Financial Services Authority (FSA) and creates a new regulatory architecture consisting of the Financial Policy Committee, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA);
  • gives the Bank of England responsibility for protecting and strengthening financial stability, bringing together macro and micro prudential regulation; and
  • empowers authorities to look beyond 'tick-box' compliance while fostering a regulatory culture of judgement, expertise and proactive supervision.

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