Recently major firms in the UK financial services industry have been increasingly vocal about the impact of regulation on the competitiveness of their firms and the UK industry in general. This has only increased further with the announcements around the Senior Managers Regime (SMR) and implications for bonus clawbacks and potential criminal prosecution if their Read More
Prudential Regulation Authority (PRA)
Today, April 1, 2013 see the introduction of one of the most significant and far reaching changes to UK Financial Services regulation for many years. The change referred to is of course the splitting of the Financial Services Authority (FSA) into two new regulatory bodies, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority Read More
On the first of April, 2013 the UK Financial Services industry is going to see the introduction of a ‘Twin Peaks’ regulatory regime. This change will see the Financial Services Authority (FSA) spilt into two new regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).
The FCA will be responsible for:
- ensuring that relevant markets function well
- for the conduct supervision of financial services firms
- the prudential supervision of firms not supervised by the Prudential Regulation Authority (PRA).
The single strategic objective of the FCA will be; to protect and enhance confidence in the UK financial system. However it has three more operational objectives to deliver