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 creates the Financial Policy Committee of the Bank of England. This framework went into effect on 1 April 2013.[1]
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| Long title | An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes. |
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| Citation | 2012 c. 21 |
| Territorial extent | England and Wales, Scotland and Northern Ireland |
| Dates | |
| Royal assent | 19 December 2012 |
| Other legislation | |
| Relates to | Financial Services and Markets Act 2000 |
Status: Amended | |
| Text of statute as originally enacted | |
| Text of the Financial Services Act 2012 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
Its main effect is to amend the Financial Services and Markets Act 2000.
Provisions
editUnder the Act, the administration of Libor became a regulated activity overseen by the Financial Conduct Authority.[2] Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence.[3] Laws relating to charitable industrial and provident societies were revised.
See also
edit
Notes
edit- ^ Roberts, Jeffery; Tran, Edward (24 March 2013). "Financial Services Act 2012: A New UK Financial Regulatory Framework". Harvard Law School Forum on Corporate Governance and Financial Regulation. Archived from the original on 3 June 2013. Retrieved 9 February 2014./
- ^ "Financial Services Bill receives Royal Assent". GOV.UK. Retrieved 31 July 2021.
- ^ "House of Commons General Committee : Draft Uncertificated Securities (Amendment) Regulations 2013 Draft Financial Services Act 2012 (Consequential Amendments) Order 2013 draft financial services act 2012 (misleading statements and Impressions) Order 2013Draft Financial Services And Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (26 February 2013)". publications.parliament.uk. Retrieved 31 July 2021.
External links
edit- UK Government Press Release
- UK Government Policy: Improving regulation of the financial sector to protect customers and the economy
- UK Parliament Committee debates Libor and the Financial Services Act
- UK Parliament Bills & legislation
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