Financial Services Bill receives Royal Assent

The Financial Services Bill, which will deliver fundamental reform of financial regulation in the UK, has received Royal Assent.

The Bill, which has now become an Act of Parliament, will be known as the Financial Services Act and sets out a clear and coherent regulatory framework, replacing the uncertainty and inadequacy of the failed Tripartite system. The Act, which comes into force from 1 April next year, will: • give the Bank of England responsibility for protecting and enhancing financial stability, bringing together macro and micro prudential regulation; • abolish the Financial Services Authority (FSA) and create a strengthened regulatory architecture consisting of the Financial Policy Committee, the P...