The regulators—checklist [Archived]

Copyright © 2025 LexisNexis
Published by a LexisNexis Financial Services expert
Checklists

The regulators—checklist [Archived]

Copyright © 2025 LexisNexis

Published by a LexisNexis Financial Services expert

Checklists
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'Twin peaks' regulatory structure

The financial crisis of 2007–2008 led to a wholesale revision of the regulatory architecture in the UK. The resulting system, which took effect on 1 April 2013, has been labelled 'twin peaks' regulation. The twin peaks regulatory structure involves separating prudential regulation (carried out by the Prudential Regulatory Authority (PRA) in respect of insurers, banks, building societies, credit unions and systemically important investment firms) and conduct regulation (carried out by the Financial Conduct Authority (FCA) (the FCA is also responsible for prudential regulation of investment firms that are not systemically important). The regulatory system also comprises the Bank of England (the Bank) and its Financial Policy Committee (FPC) and the Payment Systems Regulator (PSR), a subsidiary of the FCA that began operating in 2015. For an illustration of the regulatory structure, see Practice Note: Regulatory structure diagram. For more information on the UK regulators, see Overview: UK regulators—financial services—overview and for more information on how they interact with each other as well as non-UK regulators, see Practice Note: Interaction between the PRA, FCA and FPC.

The Financial Services and Markets Act 2023

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United Kingdom
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