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Financial Services Bill gets Royal Assent

Greg Clark BBA Conference 2012 480

The Financial Services Bill has today been given Royal Assent and will now become an Act of Parliament.

The Act will come into force on 1 April and will see the Financial Services Authority broken up to create the Financial Conduct Authority, Prudential Regulation Authority and the Financial Policy Committee.

The Royal Assent marks the end of a two and a half-year process first set out by chancellor George Osborne in his Mansion House speech in June 2010.

Financial Secretary to the Treasury Greg Clark (pictured) says: “The Financial Services Act replaces a regulatory structure which palpably failed when tested by crisis.

“It sets out a comprehensive regulatory framework designed to enhance financial stability in the future and protect consumers. It takes important steps to focus the regulators on rebuilding competition in a banking sector that has become too concentrated.”


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There are 5 comments at the moment, we would love to hear your opinion too.

  1. The crisis did not cause or even precipitate the failure.

    It merely served to highlight the failings that were already there.

  2. Now we are truly stuffed, shafted, ripped off, betrayed, sidelined and just about every negative you can think of, this bill is probably going to be worse than the previous version.

    The devils designed it and that is where the detail is.

  3. Even more non producers shoving paperwork around desks and has there been an improvement in the quality of advice or the behaviour of banks and product providers………?

  4. They will still be the same unaccountable overpaid shamble they are now.
    After all look at what the Yanks have done to financial institutions in terms of fines etc vs the FSA!

  5. It doesn’t matter what you call a regulator the problem will still remain that they are regulators.
    When all the big providers whistle blew to the regulator about Equitable Life they did nothing. They did carry out the annual review and recorded in the minutes that it was corrupt and paying out unsustainable amounts. They minuted that the CEO was also the chief actuary (auditor). Filed it and said same time next year. They then spend £ 100m’s of our money defending their actions.

    The problem is regulation when we want policing. Sack the regulator and beef up the SFO.

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