UK’s financial regulator FSA ceases to exist today
UK’s financial regulator FSA ceases to exist today explained by professional Forex trading experts the “UK’s financial regulator FSA ceases to exist today” FX trading team.
UK’s financial regulator FSA ceases to exist today?
The UK’s Financial Services Act 2012 goes into effect today, (technically yesterday, April 1 2013, but it was the Easter Monday bank holiday in the UK), whereby the UK’s financial regulator the FSA is being broken into two parts — the FCA, or Financial Conduct Authority, and the PRA, or the Prudential Regulation Authority.
The UK is certainly going against the general global trend of merging, streamlining and increasing the powers of national financial regulators — for example in Switzerland, where in 2009 the three Swiss regulatory bodies – the Federal Office of Private Insurance, the Swiss Federal Banking Commission, and the Anti-Money Laundering Control Authority – merged to form the Swiss Financial Market Supervisory Authority, or FINMA.
So what changes for the Forex and online trading industry? Not much, really. The online trading world in the UK will now deal with the FCA, instead of the FSA. The FCA will be headed by Martin Wheatley, who was brought in by the FSA in 2011 (from the SFC in Hong Kong) to head the FSA’s Consumer and Markets Business Unit, which is effectively being spun off to become the FCA.
UK’s financial regulator FSA ceases to exist today Conclusion
For more information about currency trading brokers visit TopForexBrokers.com Forex brokers comparison website, Tip ForexSQ.com foreign exchange trading
experts please by share this article about UK’s financial regulator FSA ceases to exist today