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Financial Services Act 2012

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Financial Services Act 2012[a]
Act of Parliament
coat of arms
Parliament of the United Kingdom
Long titleAn 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.
Citation2012 c. 21
Territorial extent 
[b]
Dates
Royal assent19 December 2012
Commencement
  • 19 December 2012 (in part)
  • 19 February 2012
  • various
[c]
Other legislation
Amends
Amended by
Status: Amended
Text of statute as originally enacted
Revised text of statute as amended
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 (c. 21) 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.[1]

Its main effect is to amend the Financial Services and Markets Act 2000.

Provisions

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Under the act, the administration of Libor became a regulated activity overseen by the Financial Conduct Authority.[2] The act made consumer protection a core objective of the FCA.[3] The act made the FCA responsible for regulating insider trading.[4]

Knowingly or deliberately making false or misleading statements in relation to benchmark-setting became a criminal offence.[5] Laws relating to charitable industrial and provident societies were revised.

Reception

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Donald Cruickshank criticised the legislation for, in his view, not dealing with the lack of competition in the sector.[6]

See also

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Notes

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  1. ↑ Section 123.
  2. ↑ Section 121.
  3. ↑ Section 122.

References

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  1. ↑ Roberts, Jeffery; Tran, Edward (24 March 2013). "Financial Services Act 2012: A New UK Financial Regulatory Framework". Harvard Law School Forum on Corporate Governance and Financial Regulation. Archived from the original on 3 June 2013. Retrieved 9 February 2014./
  2. ↑ "Financial Services Bill receives Royal Assent". GOV.UK. Retrieved 31 July 2021.
  3. ↑ O’Mahony, Lorna Fox; Twigg-Flesner, Christian; Akinbami, Folarin (1 June 2015). "Conceptualizing the Consumer of Financial Services: a New Approach?". Journal of Consumer Policy. 38 (2): 111–117. doi:10.1007/s10603-015-9293-5. ISSN 1573-0700.
  4. ↑ Pham, Rebecca; Ausloos, Marcel (2022). "Insider trading in the run-up to merger announcements. Before and after the UK's Financial Services Act 2012". International Journal of Finance & Economics. 27 (3): 3373–3385. arXiv:2012.11594. doi:10.1002/ijfe.2325. ISSN 1099-1158.
  5. ↑ "House of Commons General Committee : Draft Uncertificated Securities (Amendment) Regulations 2013 Draft Financial Services Act 2012 (Consequential Amendments) Order 2013 draft financial services act 2012 (misleading statements and Impressions) Order 2013Draft Financial Services And Markets Act 2000 (Regulated Activities) (Amendment) Order 2013 (26 February 2013)". publications.parliament.uk. Retrieved 31 July 2021.
  6. ↑ Stewart, Heather (24 October 2012). "Sir Donald Cruickshank attacks financial services bill". The Guardian. Retrieved 29 January 2026.
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