Twin peaks regulation takes over from FSA

The Financial Services Authority (FSA) ceased operation yesterday and was replaced by two separate new regulators.

The Prudential Regulation Authority (PRA), headed by Andrew Bailey, will supervise banks, insurers and large investment firms. It is part of the Bank of England (BoE). Meanwhile the Financial Conduct Authority (FCA), headed by Martin Wheatley, will take over much of the FSA's regulation responsibilities and will have sole oversight of IFAs, investment advisers and brokers. Its remit includes protecting investors, policing the markets and promoting competition. “I characterise it as a move away from looking in the rear-view mirror,” Wheatley told the FT. “The conversations will ...