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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. |
|---|---|
| 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| Text of statute as originally enacted | |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, fromlegislation.gov.uk. | |
TheFinancial Services Act 2012 is anAct of theParliament of the United Kingdom which implements a new regulatory framework for thefinancial system andfinancial services in the UK. It replaces theFinancial Services Authority with two new regulators, namely theFinancial Conduct Authority and thePrudential Regulation Authority, and creates theFinancial Policy Committee of theBank of England. This framework went into effect on 1 April 2013.[1]
Its main effect is to amend theFinancial Services and Markets Act 2000.
Under the Act, the administration ofLibor became a regulated activity overseen by theFinancial Conduct Authority.[2] Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence.[3] Laws relating to charitableindustrial and provident societies were revised.
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