When was FSA abolished?
On 19 December 2012, the Financial Services Act 2012 received royal assent, abolishing the FSA with effect from 1 April 2013. Its responsibilities were then split between two new agencies: the Financial Conduct Authority and the Prudential Regulation Authority of the Bank of England.
When did the FCA replace the FSA?
The FSA will be replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) on 1 April 2013.
Did FCA replace FSA?
However, as of April 3, 2013, the regulator known as the Financial Services Authority (FSA) has undergone changes and has been renamed the Financial Conduct Authority (FCA).
Why did the FSA fail?
It said the FSA's supervisory framework at the time was 'inadequate' as it did not devote enough resources to the regulation of large banks. 'This gave rise to a supervisory framework with inadequate resources devoted to the prudential regulation of large systematically important banks,' it said.