The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on the impact of Brexit on the Financial Conduct Authority (FCA), see Practice Note: Preparing for Brexit: Regulations relating to the European Supervisory Authorities and the European Systemic Risk Board and Information Sharing–—quick guide.
Along with the Prudential Regulation Authority (PRA) and a formalised Financial Policy Committee (FPC), the FCA is part of the regulatory structure that came into force on 1 April 2013. The Financial Services Act 2012 (FSA 2012) amended the Financial Services and Markets Act 2000 (FSMA 2000) to establish the bodies that replaced the Financial Services Authority (FSA) as the financial services regulator in the UK. FSA 2012 amendments to FSMA 2000 also provide the organisational framework behind the FCA.
Changing the structure of the regulatory bodies was one of the many factors which contributed to modifying the way in which regulation is delivered—that is, with judgement, focus and accountability (see HM Treasury's paper on regulatory reform). The FCA's objectives, powers, functions and supervisory approach are other important factors
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