Financial Services Act 2012
Act of the Parliament of the United Kingdom
From Wikipedia, the free encyclopedia
The Financial Services Act 2012 (c. 21) 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]
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| Act of Parliament | |
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| Long title | An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes. |
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| Citation | 2012 c. 21 |
| Territorial extent | [b] |
| Dates | |
| Royal assent | 19 December 2012 |
| Commencement |
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| Other legislation | |
| Amends | |
| Amended by | |
Status: Amended | |
| Text of statute as originally enacted | |
| Revised text of statute as amended | |
| Text of the Financial Services Act 2012 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
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] The act made consumer protection a core objective of the FCA.[3] The act made the FCA responsible for regulating insider trading.[4]
Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence.[5] Laws relating to charitable industrial and provident societies were revised.
Reception
Donald Cruickshank criticised the legislation for, in his view, not dealing with the lack of competition in the sector.[6]
