Alert June 22, 2010

United Kingdom to Reorganize Financial Regulators and Abolish Financial Services Authority

George Osborne, Chancellor of the British Exchequer, recently announced that by 2012, the current tripartite system of regulation of the British financial services industry – currently allocated among the Bank of England, the Financial Services Authority (the “FSA”) and the Office of Fair Trading – would be replaced with multi-partite system, with the FSA ceasing to exist in its current form.  Our colleagues at SJ Berwin have prepared an analysis of these changes in the U.K.’s regulation of the financial markets, which is available here.