In this article we will explore Financial Services Act 2012, a topic that has captured the attention of many people in recent years. Financial Services Act 2012 is a topic that covers a wide range of aspects, from its impact on society to its relevance in popular culture. Throughout this article, we will examine how Financial Services Act 2012 has evolved over time, as well as its influence on various areas of daily life. From its origins to its current state, Financial Services Act 2012 has left a significant mark on the world, and it is important to understand its importance in order to appreciate its value in today's society.
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 | England and Wales, Scotland and Northern Ireland |
Dates | |
Royal assent | 19 December 2012 |
Other legislation | |
Relates to | Financial Services and Markets Act 2000 |
Status: Amended | |
Text of statute as originally enacted | |
Text of the Financial Services Act 2012 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. |
The Financial Services Act 2012 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.
Its main effect is to amend the Financial Services and Markets Act 2000.
Under the Act, the administration of Libor became a regulated activity overseen by the Financial Conduct Authority. Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence. Laws relating to charitable industrial and provident societies were revised.