On 19 December 2012 the Financial Services Act 2012 received royal assent, and it came into force on 1 April 2013.[5] The Act created a new regulatory framework for financial services and abolished the Financial Services Authority.[5] Specifically, the Act gave the Bank of England responsibility for financial stability, bringing together macro and micro prudential regulation, created a new regulatory structure consisting of the Bank of England's Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority.[5]
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