On 1 April 2013, the current regulator of the UK’s financial services sector, the Financial Services Authority (FSA) will cease to exist and the financial services regulatory structure in the UK will be significantly altered by the introduction of a “twin peaks” regulatory model. The FSA will be replaced by two new regulatory bodies: a prudential regulator, the Prudential Regulation Authority (PRA), and a conduct regulator, the Financial Conduct Authority (FCA). This will include the FCA taking over the mantle of the UK Listing Authority, the division of the FSA that is responsible for regulating the UK’s listed securities markets. Some firms, such as banks, insurance companies and larger investment firms, will be dual-regulated. The PRA will be responsible for the prudential supervision of these firms and the FCA will be their conduct regulator. The remainder of regulated firms will be solely supervised by the FCA.