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Financial Services Bill receives Royal Assent
by Daniel Grote on Dec 19, 2012 at 14:57
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.'
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