FSCS is updating its website to reflect changes to the Financial Services Authority
28th March 2013
From 1 April 2013, the Financial Services Authority (FSA) will be replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
The PRA is a part of the Bank of England and responsible for promoting the safety and soundness of firms and, specifically for insurers, contributing to the securing of an appropriate degree of protection for policyholders. This involves the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions.
The FCA is responsible for making markets work well, to ensure a fair deal for consumers. This involves securing a degree of protection for consumers, promoting effective competition in the interests of consumers, and protecting and enhancing the integrity of the UK financial system.
The FSCS is now updating references to the FSA on its website to reflect these changes.