C2: Regulation of financial services

Nota:

• - direct authority over HM Treasury - direct responsibility for regulation & conduct of business

1. HM Treasury

   Nota:

   • - department responsible for regulation under direct authority of the Chancellor
   1. Key legal instruments
      1. Financial Services & Markets Act 2000 (FSMA)
      2. Financial Services Act 2012
   2. New regulatory framework (2010)

      Nota:

      • - came into effect 1st April 2013
      1. Financial Policy Committee (FPC)

         Nota:

         • - created within the Bank of England
      2. Prudential Regulatory Authority (PRA)

         Nota:

         • - subsidiary of the Bank of England - prudential regulation & authorisation of certain larger firms (banks/insurers)
      3. Financial Conduct Authority (FCA)

         Nota:

         • - conduct & market responsibilities - authorises smaller firms (IFAs) directly