Enhanced powers granted to new UK regulators marks shift in supervisory approach
Financial institutions’ chief concern should be the increasing costs and complexity in legislation as FCA, PRA and FPC pick up the interventionist baton from FSA UK.
With abolition of the Financial Services Authority (FSA) UK, as of April 1st 2013, the majority of its functions were transferred to three new regulatory entities – the Financial Conduct Authority (FCA), Prudential Regulatory Authority (PRA), and the Financial Policy Committee (FPC). Introduced via the Financial Services Act 2012, the reforms were intended to provide a clearer division of responsibilities between regulators, with enhanced investigation and enforcement powers endowed to the new regime highlighting renewed commitment to investigate and take enforcement action against errant financial…
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, Risk and Regulation
Keywords: FSA UK
, Bank of England
, Tracey McDermott