The UK Financial Conduct Authority: The impact on investment firms

Leonard Ng, John Casanova and Rachpal Thind, Sidley Austin LLP.

In June 2011, the UK Government published a White Paper and draft Bill (the Financial Services Bill) setting out its plans to replace the FSA with two new bodies – the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).[1] On 26 January 2012, an amended version of the Bill received its first reading in the House of Commons.[2]