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FSA starts supervising banks and delivering regulatory services to SROs

United Kingdom
15/07/1998
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On 1st June 1998, the Bank of England Act 1998 came into force, and this transferred the Bank's responsibilities for supervising financial institutions to the FSA. This is "N1" day, as called by the FSA's launch documentation.

In addition, the FSA began providing regulatory services under contract to the SROs. Until the Financial Services Reform Act comes into force, SROs remain responsible for discharging the regulatory functions. However, as staff are now transferred to the new FSA, the actual functions will be carried out by FSA employees.

Full integration of Financial Services regulation cannot occur until the Financial Services Reform Act comes into operation, which is unlikely to be until the Millennium.

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