Financial_Services_Act_2012

Financial Services Act 2012

Financial Services Act 2012

United Kingdom legislation

The Financial Services Act 2012 is an Act of the Parliament of the United Kingdom which implements a new regulatory framework for the financial system and financial services in the UK. It replaces the Financial Services Authority with two new regulators, namely the Financial Conduct Authority and the Prudential Regulation Authority, and creates the Financial Policy Committee of the Bank of England. This framework went into effect on 1 April 2013.[1]

Quick Facts Long title, Citation ...

Its main effect is to amend the Financial Services and Markets Act 2000.

Provisions

Under the Act, the administration of Libor became a regulated activity overseen by the Financial Conduct Authority.[2] Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence.[3] Laws relating to charitable industrial and provident societies were revised.

See also

Notes

  1. [1]
    Roberts, Jeffery; Tran, Edward (24 March 2013). "Financial Services Act 2012: A New UK Financial Regulatory Framework". Harvard Law School Forum on Corporate Governance and Financial Regulation. Archived from the original on 3 June 2013. Retrieved 9 February 2014./
  2. [2]
    "Financial Services Bill receives Royal Assent". GOV.UK. Retrieved 31 July 2021.
  3. [3]
    "House of Commons General Committee : Draft Uncertificated Securities (Amendment) Regulations 2013 Draft Financial Services Act 2012 (Consequential Amendments) Order 2013 draft financial services act 2012 (misleading statements and Impressions) Order 2013Draft Financial Services And Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (26 February 2013)". publications.parliament.uk. Retrieved 31 July 2021.


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