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Part I The Industry and Regulatory Context, 2 The UK Regulatory Framework

Gerard McMeel

From: McMeel and Virgo On Financial Advice and Financial Products (3rd Edition)

Edited By: Gerard McMeel, John Virgo

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 15 June 2024

UK Prudential Regulation Authority (PRA) — UK Financial Conduct Authority (FCA) — UK Financial Services Authority (FSA) — Financial Services and Markets Act 2000 — Regulated activities — Authorisation — Financial promotion — Alternative investment fund — Undertakings for Collective Investment (UCIs)

This chapter discusses the UK financial regulatory system. The two principal financial regulators are the Prudential Regulation Authority (PRA), responsible for the macro-prudential regulation and supervision of major institutions such as banks and insurance companies; and the Financial Conduct Authority (FCA), with a remit embracing the conduct of business of all financial firms and the micro-prudential supervision of smaller firms. The two regulators were created by the re-writing of the framework Act, the Financial Services and Markets Act 2000, by the Financial Services Act 2012. The chapter provisions of the 2000 Act and describes the FCA's and the PRA's Handbooks.

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