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.
This Practice Note looks at how the Prudential Regulation Authority (PRA), the FCA and the Financial Policy Committee (FPC) interact with each other. For guidance on each individual body see:
UK regulators—financial services—overview
On 19 December 2012 the Financial Services Act 2012 (FSA 2012) received Royal Assent and came into force on 1 April 2013. It amended existing financial services legislation, particularly the Financial Services and Markets Act 2000 (FSMA 2000), abolished the Financial Services Authority (FSA) and gave the Bank of England (BoE) responsibility for financial stability, bringing together macro and micro prudential regulation. The regime created by the FSA 2012 established three bodies with the following responsibilities:
the FPC—a macro-prudential authority, within the BoE responsible for monitoring and responding to systemic risks (see Practice Note: Financial Policy Committee—essentials for
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