News

FSA became PRA and FCA

30-04-2013

From the 1st April 2013 the regulation of financial services in the UK has changed. The Financial Services Authority (FSA) has been replaced by the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA).

 

Financial Conduct Authority (FCA), responsible for conduct regulation essentially relates to the selling, management and handling of investments by firms to or for investors, is the UK financial services regulator responsible for the conduct of all firms currently regulated by the FSA (including those subject to supervision by the PRA). It will also be responsible for prudential regulation of smaller firms that do not fall under the PRA's jurisdiction, so smaller firms will only have one regulator.

 

Prudential Regulation Authority (PRA) is responsible for the prudential regulation of capital-intensive firms, including banks, insurers and certain investment firms. These firms are dual-regulated firms because, while the PRA regulates prudential issues, the FCA acts as the conduct regulator.

 

Useful Links:

 

Financial Conduct Authority

 

Prudential Regulation Authority