Regulatory agencies

The Financial Services Act 2012 abolished the Financial Services Authority (FSA) on 1 April 2013, and replaced it with two new regulators: the Financial Conduct Authority (FCA), which took on most of the FSA’s former work, i.e. conduct of business regulation and the micro-prudential regulation of smaller firms; and the Prudential Regulation Authority (PRA), which is technically part of the Bank of England, and took over the micro-prudential regulation of systemically important firms. A third body, the Financial Policy Committee of the Bank of England (FPC), is responsible for macro-prudential regulation and financial stability measures. Another major change will be the abolition of the Office of Fair Trading (OFT) and the Competition Commission (formerly the Monopolies and Mergers Commission) on 1 April 2014; these will be replaced by a single new competition regulator: the Competition and Markets Authority (CMA).

Latest Reports

  • City, London

    The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...

  • Chess game image

    HoC: Brexit and financial services HoC has updated its Library briefing paper which considers equivalence and the potential impact of no-deal Brexit on the sector.

  • EU flag

    EC: EQUIVALENCE IN THE AREA OF FINANCIAL SERVICES The EC has set out its approach on equivalence and on recent legislative improvements in terms of how it grants equivalence to non-EU countries. It also describes how the EC and ESAs monitor the situation in those countries after equivalence decisions have been taken and how recent EU legislative changes have strengthened the equivalence framework....

  • Europe from space

    CMS, in partnership with the Legatum Institute, hosted a panel discussion - 'Brexit update on financial services'.

    The panel discussion covered:

    views and news from the continental centres (Frankfurt, Paris, and Luxembourg)

    lessons from the Swiss experience

    the work of the Legatum Institute and its Special Trade Commission

    debate about the likely outcome for FS sector

    The speakers were Shanker Singham (Director of Economic Policy and Prosperity Studies, Legatum Insitute), Paul Edmondson (CMS UK), Andreas Feneis (CMS Germany), Jerome Sutour (CMS France), Vivian Walry (CMS Luxembourg), and Kaspar Landolt (CMS Switzerland).

    To view or download the slides from the event, please click on the link in the title.

  • EU flag

    Despite the progress of EU harmonisation, the structure of regulation is now extremely complex. Certainly the landscape is much more complicated now (after the post crisis reforms) than it was back in 2010. Each country divides the work of rule-making and supervision in different ways and amongst different bodies. The position is further complicated by the broader role of EU level bodies, the Eurozone...

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