Posted by: Michael Daniels | June 07, 2013
As of April 1 2013, UK has a new regulatory regime. The Financial Services Authority (FSA) will cease to exist in its current form, and two new regulators – the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) – will come into being. The FCA will be the UK financial services regulator responsible for the conduct of all firms, which were previously regulated or supervised by the FSA (except clearing houses and settlement systems). The PRA will be responsible for the prudential (i.e. essentially systemic risks impacting capital and liquidity) regulation of all deposit-takers (including banks, building societies and credit unions), insurers and a small number of systemically important investment firms.