A Step Forward or Backward? FSA to be Broken Up


In a speech at the Lord Mayor’s Dinner on 16 June 2010 (the “Mansion House Speech”),1 George Osborne, the new Chancellor appointed by the Conservative-led coalition government, unveiled far-reaching changes to the regulatory architecture of the UK financial system. The key feature of the announcement is the dismantling of the Financial Services Authority (“FSA”) and the transfer of its current functions (UK macro-prudential regulation, consumer protection and law enforcement) to newly created regulatory bodies and to the Bank of England (“BOE”) in the case of macro-prudential regulation. It is intended that the new regulatory structure will be in place by the end of 2012.

Please see full bulletin below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:


Morrison & Foerster LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.