UK: New Regulators; New Powers

June 27, 2013

The UK Financial Services Authority was abolished on 1 April 2013 and replaced by three new regulators. The Financial Services Act 2012 introduced the Financial Conduct Authority, the Prudential Regulatory Authority and the Financial Policy Committee. This new regime not only provides a clearer division of responsibilities between regulators, but new enhanced investigation and enforcement powers show a clear commitment by regulators to investigate and take enforcement action.

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