On 1 April 2013, the Financial Services Authority (FSA) will be abolished and replaced by a new regulatory regime. The Government said when it came to power that the existing regime needed reform because it “palpably failed when tested by crisis”. As we approach the finish line, we must all be hoping that this one works. After all, we cannot simply change the regime each time we face a crisis.
This article sets out some of the changes which the Financial Services Act 2012 (the Act) will make to the status quo.
‘Enforcement 40’ for 2020
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