The Financial Services Bill was introduced to Parliament on 26th January 2012 with a second reading of the Bill due to take place on 6th February 2012.

The Bill will have widespread implications for financial services companies operating in the UK as it will lead to significant changes to the current UK financial regulatory architecture.

The Bill will implement a number of changes including the establishment of a macro-prudential regulator, the Financial Policy Committee (FPC). The Bill also transfers responsibility for prudential regulation to a new regulator, the Prudential Regulation Authority (PRA) and creates a new conduct of business regulator, the Financial Conduct Authority (FCA).

Allen & Overy's Financial Services Regulatory practice has produced three papers looking at each of these new regulators and how they will interact in more detail.