The new regulators

The FSA was replaced by new regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) earlier this year.

The FSA Handbook was split between the FCA and the PRA to form two new Handbooks, one for the PRA and one for the FCA. Most provisions in the FSA Handbook were incorporated into the PRA’s Handbook, the FCA’s Handbook, or both, in line with each new regulator’s set of responsibilities and objectives.

The new Handbooks reflects the new regulatory regime (for example, references to the FSA are replaced with the appropriate regulator), and in some areas more substantive changes reflect the existence of the two regulators, their roles and powers. This includes such aspects as the processes for permissions, passporting, controlled functions, threshold conditions and enforcement powers.

The PRA will, over time, replace the Handbook with a PRA rulebook.