On Monday evening the UK parliament passed the Financial Services Bill, which by amending the Financial Services and Markets Act 2000 and the Banking Act 2009 will implement the UK's new "twin-peaks" regulatory structure. Royal Assent to the bill is expected next week, with secondary legislation due to be laid in the New Year, paving the way for the "legal cutover" to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), as well as the Financial Policy Committee (FPC), on April 1.
In a statement on Tuesday, Greg Clark, financial secretary to the Treasury, said: "The Financial Services Bill replaces a regulatory structure which palpably failed when tested by crisis. The bill sets out a comprehensive regulatory framework designed both to counter future risks to financial stability and to ensure that consumers are treated fairly. It takes important steps to focus the regulators on rebuilding competition in a banking sector that has become too concentrated."
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