In a speech delivered at the FSA's annual public meeting, Lord Turner, FSA Chairman, stated that the best current estimate for the date for "legal cutover" from the FSA to the new UK regulatory system is April 2013. This date is dependent on the progress of the Financial Services Bill 2012-13 and the time it will take for the secondary legislation and regulations to be put in place. Lord Turner said that the FSA would like the cutover date to be as soon after 1 March 2013 as possible and both the FSA and the Bank of England will be ready for implementation from that date.
Lord Turner also looked back at the FSA's performance during the financial crisis over the last four years. The deficiencies in the UK's capital and liquidity rules were so fundamental, he said, that no system of supervision, however perfect, would have been able to offset the threat to financial stability. However, since 2008, he noted, the FSA has taken positive steps to improve its supervisory focus on capital, liquidity and asset quality by implementing radical changes in its approach to prudential regulation.
Lord Turner concluded his speech by confirming that the incoming Prudential Regulation Authority and Financial Conduct Authority will build upon the work already undertaken by the FSA.