In June 2010 it was announced that the FSA would be replaced by three new regulatory entities; the Financial Policy Committee (FPC); Prudential Regulation Authority (PRA) and Consumer Protection and Markets Authority (CPMA). A consultation paper on the changes followed in July. The results of the consultation were released on 24 November 2010. The key announcements include:  

  • The PRA will ensure it consults firms and practitioners on rule changes  
  • The PRA and CPMA will have equal status  
  • The PRA will have a veto but this may only be utilised when it is necessary to protect financial stability
  • The CPMA will take on the FSA’s current function as the UK Listing Authority and its criminal enforcement powers in relation to insider dealing