The Bank of England and Financial Services Bill 2015-16 has received Royal Assent and the majority of its provisions will come into force on dates to be specified by HM Treasury in regulations. Among other things, the Act: (i) ends the PRA's status as a subsidiary of the Bank of England and establishes the Prudential Regulation Committee (PRC), a committee of the BoE that will exercise the BoE's functions as the PRA; (ii) extends the senior managers and certification regime (SM&CR) to cover people working in any firm authorised to carry out regulated activities under the FSMA; and (iii) gives new powers to HM Treasury to provide financial assistance with the purpose of taking action against illegal money lending, and to the FCA to raise levies from firms to fund this financial assistance.