UK regulators—financial services

This overview is a guide to the Financial Services content within the UK regulators—financial services subtopic, with links to the appropriate materials.

UK financial services regulatory framework

The Financial Services Act 2012 (FSA 2012) amended the Financial Services and Markets Act 2000 (FSMA 2000) and replaced the Financial Services Authority (FSA) with two new regulators—the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA)—and created a new Financial Policy Committee (FPC) of the Bank of England (BoE). For more information, see Practice Note: Financial Services Act 2012 [Archived].

Firms that are dual-regulated, such as banks, insurers and major investment firms, are supervised by the PRA for prudential areas and by the FCA for conduct areas. All other firms are supervised by the FCA for both conduct and prudential issues. FSA 2012 also gave the FCA new powers to regulate benchmarks and transferred responsibility for the regulation of consumer credit from the Office of Fair Trading (OFT) to the FCA. The FCA also performs the functions previously carried out by the FSA as UK Listing Authority.

The FPC has responsibility for

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Latest Financial Services News

The FCA’s new Enforcement Guide has landed–including its new investigations publicity policy

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FCA announces UK government’s measures to boost growth and revitalise financial regulation

The Financial Conduct Authority (FCA) has announced the UK government’s approach aimed at bolstering economic growth and enhancing the financial services sector. These measures include simplification of regulatory procedures by stripping out data requests and retiring outdated supervisory documents, as well as introducing a new private stock market and streamlining the insurance rulebook. In addition, a roadmap for crypto regulation and initiatives to reimagine financial advice and guidance have been set out to stimulate investment and home ownership.

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