Financial Services Bill receives Royal Assent

The Bill, which has now become an Act of Parliament, will be known as the Financial Services Act and sets out a clear and coherent regulatory framework, replacing the uncertainty and inadequacy of the failed Tripartite system. The Act, which comes into force from 1 April next year, will: • give the Bank of England responsibility for protecting and enhancing financial stability, bringing together macro and micro prudential regulation; • abolish the Financial Services Authority (FSA) and create a strengthened regulatory architecture consisting of the Financial Policy Committee, the P...