Financial Services Act 2012
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The Financial Services Act 2012 is an Act of the
Parliament of the United Kingdom The Parliament of the United Kingdom is the Parliamentary sovereignty in the United Kingdom, supreme Legislature, legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of We ...
which implements a new regulatory framework for the
financial system A financial system is a system that allows the exchange of funds between financial market participants such as lenders, investors, and borrowers. Financial systems operate at national and global levels. Financial institutions consist of complex, c ...
and
financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
in the UK. It replaces the
Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
with two new regulators, namely the
Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...
and the Prudential Regulation Authority, and creates the
Financial Policy Committee The Financial Policy Committee (FPC) is an official committee of the Bank of England, modelled on the already well established Monetary Policy Committee (United Kingdom), Monetary Policy Committee. It was announced in 2010 as a new body responsible ...
of the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker, and still one of the bankers fo ...
. This framework went into effect on 1 April 2013. Its main effect is to amend the
Financial Services and Markets Act 2000 The Financial Services and Markets Act 2000c 8 is an Act of Parliament, Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financ ...
.


Provisions

Under the Act, the administration of
Libor The London Inter-Bank Offered Rate is an interest-rate average calculated from estimates submitted by the leading banks in London London is the capital and List of urban areas in the United Kingdom, largest city of England and the Unite ...
became a regulated activity overseen by the
Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...
. Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence. Laws relating to charitable industrial and provident societies were revised.


See also

*
UK company law The United Kingdom company law regulates corporations formed under the Companies Act 2006. Also governed by the Insolvency Act 1986, the UK Corporate Governance Code, European Union Directive (European Union), Directives and court cases, the co ...
*
EU law European Union law is a system of rules operating within the member states of the European Union (EU). Since the founding of the European Coal and Steel Community following World War II, the EU has developed the aim to "promote peace, its value ...


Notes


External links


UK Government Press Release

UK Government Policy: Improving regulation of the financial sector to protect customers and the economy


* ttp://services.parliament.uk/bills/2012-13/financialservices.html UK Parliament Bills & legislation Financial regulation in the United Kingdom United Kingdom Acts of Parliament 2012 {{UK-statute-stub