On 1 April 2013, the division of the UK Financial Services Authority (FSA)’s regulatory functions took effect. The relevant regulators and institutions are now the Financial Conduct Authority (FCA), Prudential Regulatory Authority (PRA), Bank of England and Financial Policy Committee (FPC). The FCA and PRA have new handbooks. Firms should consider the impact of these changes on their disclosure documents and agreements.

The Financial Conduct Authority (FCA) -

The FCA is the renamed FSA. It 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). This means that the FCA will remain a regulator for firms now subject to prudential supervision by the PRA. The FCA will be the sole regulator of brokers, investment advisors, fund managers, insurance intermediaries, payment services firms, regulated markets, multilateral trading facilities, investment exchanges and emissions auction platforms. It will have shared competency with the PRA over banks and insurers.