At the beginning of April 2013, the Financial Services Authority (FSA) was officially split into two new regulators - the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). The PRA will now be responsible for the regulation of more than 2,500 of the UK's largest firms. Its objectives include promoting the safety and soundness of PRA authorised persons and protecting customers who hold insurance policies.
The FCA will regulate all financial services activity and the 25,000 firms not considered systemically significant in the UK. Its main objectives will be to ensure an appropriate degree of protection for consumers, enhancing the integrity of the UK's financial system and promote effective competition in the markets for regulated financial services.
This white paper will provide you with insight into the recent breakup of the FSA. It reviews the new responsibilities that the PRA and FCA will have and considers what enforcement activity can be expected in the future, and the effects this will have on those working in this highly regulated area.