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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 A legislature is an assembly Assembly may refer to: Organisations and meetings * Deliberative assembly A deliberative assembly is a gathering of members (of any kin ...
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 There are two basic financial market participant categories, vs. and vs. . Action in financial markets by is usually regarded as inter ...

financial system
and
financial services Financial services are the economic services provided by the finance Finance is a term for the management, creation, and study of money In a 1786 James Gillray caricature, the plentiful money bags handed to King George III are contra ...
in the UK. It replaces the
Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body A quasi-judicial body is a non-judicial body which can interpret law. It is an entity such as an Arbitration panel or tribunal board, that can be a public administrative agency but ...
with two new regulators, namely the
Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and T ...
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 The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as th ...
of the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker, and still one of the bankers for t ...

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 The Parliament of the United Kingdom is the supreme legislative body A legislature is an assembly Assembly may refer to: Organisation ...
.


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 London is the capital Capital most commonly refers to: * Capital letter Letter case (or just cas ...
became a regulated activity overseen by the
Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and T ...
. 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) was a legal entity for a trading business or voluntary organisation in the United Kingdom, the Republic of Ireland, and New Zealand. The name is still used in New Zealand, the Republic of Ireland and with ...
were revised.


See also

*
UK company law The United Kingdom company law regulates corporations A corporation is an organization—usually a group of people or a company A company, abbreviated as co., is a legal entity In law, a legal person is any person A person (p ...
*
EU law European Union law is a system of rules operating within the member states of the European Union The European Union (EU) is a political and economic union of member states that are located primarily in Europe Europe is a whic ...


Notes


External links


UK Government Press Release

UK 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 {{UK-statute-stub