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An overview of the Financial Services Act 2012
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The Financial Services Act 2012 is an act of parliament that introduced and implemented a regulatory framework design to replace the Financial Service Authority with three new regulatory bodies:
- Financial Conduct Authority (FCA) – An agency assigned with the task of maintaining the integrity of financial markets and regulating retail and wholesale financial firms that offer services to consumers.
- Prudential Regulation Authority (PRA) – A part of the Bank of England responsible for the supervision and regulation of banks, insurers, building societies, major investment firms, and credit unions. In essence, it sets the standards for financial firms and monitors the conduct of each individual firm.
- Financial Policy Committee (FPC) -- A committee modelled after the Monetary Policy Committee, given the responsibility of monitoring economic activity in the United Kingdom. Any risks identified by the committee are passed on to the PRA for further investigation.
“Spoke with Chris who put me at ease straight away. He was very knowledgeable and listened intently to all my worries and concerns. Will definitely be using Real Business Rescue and advise anyone with business issues to give them a call.”
Diana
If you have any curiosities about UK law or business rescue options, feel free to contact our licensed insolvency practitioners. If you’d prefer a free phone consultation you can call our directors’ support hotline. Real Business Rescue provide director advice online, over the phone, or in-person at one of our 100+ UK offices or a place of your convenience.
Shaun is a Partner based at our Milton Keynes office, and specialising in supporting SME directors in financial distress and helping them understand their options. Shaun has over 30 years' experience in guiding directors through CVL, MVL, and business recovery processes. Shaun holds the Certificate of Proficiency in Insolvency (CPI).
Partner, BTG Begbies Traynor, part of Real Business Rescue
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