The Financial Services Act 2012 is an
Act of the
Parliament of the United Kingdom
The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative suprema ...
which implements a new regulatory framework for the
financial system
A financial system is a system that allows the exchange of funds between financial market participants such as lenders, investors, and borrowers. Financial systems operate at national and global levels. Financial institutions consist of complex, ...
and
financial services in the UK. It replaces the
Financial Services Authority with two new regulators, namely the
Financial Conduct Authority and the
Prudential Regulation Authority, and creates the
Financial Policy Committee The Financial Policy Committee (FPC) is an official committee of the Bank of England, modelled on the already well established Monetary Policy Committee (United Kingdom), Monetary Policy Committee. It was announced in 2010 as a new body responsible ...
of the
Bank of England. This framework went into effect on 1 April 2013.
Its main effect is to amend the
Financial Services and Markets Act 2000
The Financial Services and Markets Act 2000c 8 is an Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Serv ...
.
Provisions
Under the Act, the administration of
Libor
The London Inter-Bank Offered Rate is an interest-rate average calculated from estimates submitted by the leading banks in London. Each bank estimates what it would be charged were it to borrow from other banks. The resulting average rate is u ...
became a regulated activity overseen by the
Financial Conduct Authority. Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence.
Laws relating to charitable
industrial and provident societies
An industrial and provident society (IPS) is a body corporate registered for carrying on any industries, businesses, or trades specified in or authorised by its rules.
The members of a society benefit from the protection of limited liability ...
were revised.
See also
*
UK company law
The United Kingdom company law regulates corporations formed under the Companies Act 2006. Also governed by the Insolvency Act 1986, the UK Corporate Governance Code, European Union Directives and court cases, the company is the primary lega ...
*
EU law
European Union law is a system of rules operating within the member states of the European Union (EU). Since the founding of the European Coal and Steel Community following World War II, the EU has developed the aim to "promote peace, its val ...
Notes
External links
UK Government Press ReleaseUK Government Policy: Improving regulation of the financial sector to protect customers and the economy*
ttp://services.parliament.uk/bills/2012-13/financialservices.html UK Parliament Bills & legislation
Financial regulation in the United Kingdom
United Kingdom Acts of Parliament 2012
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