The Government has published the Financial Services Bill which sets out the new financial regulation regime. Proposals see the Financial Services Authority (FSA) abolished and replaced with a Financial Policy Committee within the Bank of England, and two new regulators: the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA).
The PRA will supervise the most complex financial firms in the UK, including banks and insurers. The FCA will regulate financial conduct across the sector, and deal with the prudential regulation of all financial services firms not covered by the PRA. The FCA will also take over responsibility from the Office of Fair Trading for consumer credit business.
The Bill is expected to receive Royal Assent by the end of 2012, with the new regime in place shortly thereafter
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