The UK’s Financial Services Act 2012 (the Act) will come into force on 1 April 2013. On implementation, the Act will amend many of the UK’s existing financial services legislative measures and give effect to several of the Government’s financial regulatory reform proposals.
The Act will:
- Change the framework for financial regulation and supervision in the UK, giving significantly enhanced powers to the Bank of England and legislative underpinning for the UK’s new, “twin-peaks” approach to regulation. Two new regulators will take over the Financial Services Authority’s (FSA) current functions.
- Create new powers of intervention for the regulators, allowing them to ban, or impose restrictions on, the sale of financial products and issuance of financial promotions. Regulators will also be granted powers of direction over parent companies of certain UK financial institutions...
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