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Financial Services Bill receives Royal Assent

by Daniel Grote on Dec 19, 2012 at 14:57

Financial Services Bill receives Royal Assent

The Financial Services Bill, which will see the Financial Services Authority disbanded and replaced with new regulators the Financial Conduct Authority and Prudential Regulation Authority, has received Royal Assent.

The bill has now become an act of parliament, and will come into force on 1 April 2013. Financial secretary to the Treasury Greg Clark said the act would help to strengthen UK financial services regulation.

'The Financial Services Act replaces a regulatory structure which palpably failed when tested by crisis,' he said. 'It sets out a comprehensive regulatory framework designed to enhance financial stability in the future and protect consumers.'

4 comments so far. Why not have your say?

Man of Kent

Dec 19, 2012 at 17:16

"It sets out a comprehensive regulatory framework designed to enhance financial stability in the future and protect consumers."

I feel safer already...

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Jonathan Kirby

Dec 20, 2012 at 09:15

On Deckchairs, Titanic, Rearranging, The

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Julian Stevens

Dec 21, 2012 at 09:27

So much for Andrew Tyrie's concerns that the bill was being rushed through. Was it ever going to be any other way? And do Andrew Tyrie or the committee he heads have any real power or influence over anything at all? As I see it, the TSC is nothing but a talking shop with the power to ask questions but no power to do anything if it considers unsatisfactory the answers it receives to those questions.

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Lyndon Edwards

Dec 22, 2012 at 15:52

Apt date for commencement.

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