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The Financial Services Act 2012 is an Act of the Parliament of the United Kingdom which implements a new regulatory framework for the financial system 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 ...
The Financial Services Act 2012 (Consumer Credit) Order 2013 Description English: This Order makes provision in connection with the transfer of responsibility for the regulation of consumer credit from the Office of Fair Trading to the Financial Conduct Authority (the FCA) from 1 April 2014.
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The Financial Services Act of 2012 set out a new system for regulating financial services in order to protect and improve the UK's economy. [ 25 ] The FCA will supervise banks to ensure they treat customers fairly, encourage innovation and healthy competition, and help the FCA to identify potential risks early so they can take action to reduce ...
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The PRA was created by the Financial Services Act 2012 and formally began operating alongside the new Financial Conduct Authority on 1 April 2013. [1] As the Bank of England is operationally independent of the Government of the United Kingdom, the PRA is a quasi-governmental regulator, rather than an arm of the government per se. [2]
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Main entrance – 25 North Colonnade (Canary Wharf, London) – FSA building The Securities and Investments Board Ltd ("SIB") was incorporated on 7 June 1985 at the instigation of the UK Chancellor of the Exchequer, who was the sole member of the company and who delegated certain statutory regulatory powers to it under the then Financial Services Act 1986.