As mentioned in Edition 2 of the SCM Briefing, the Financial Services Act 2012 introduces an entirely new framework for financial services regulation in the UK. From 1 April 2013 (a date known as 'legal cutover'), the new Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), led by the Bank of England under a new Financial Policy Committee, will replace the Financial Services Authority (FSA) and assume their powers as the new regulatory bodies for the UK financial system. In preparation for legal cutover, the FSA has published parts of the new PRA and FCA Handbooks, showing how the content will be laid out in the new Handbooks, and a helpful 'combined view' shows dual-regulated firms which regulator enforces which part(s) of the rules. Reader's Guides have also been made available. The existing FSA Interim Prudential Sourcebook for Banks and Investment Firms (BIPRU), which contains the Securitisation rules in Chapter 9, will form part of the PRA Handbook going forward. A second Commencement Order brings the majority of the Financial Services Act's provisions into force from legal cutover and several pieces of further secondary legislation to effect the transition from the FSA to the PRA and FCA and to flesh out the detail of the Act's framework, are in the process of being finalised. In addition, the various regulatory bodies are consulting on the transfer (in 2014) of the responsibility for regulating the UK consumer credit regime from the Office of Fair Trading to the FCA.