At long last the hapless FSA has been disbanded, and replaced by a three pronged system of governance (dare I say "Tripartite"?). As per the FT, the three prongs are:
1 The Prudential Regulation Authority, an arm of the Bank of England headed by Andrew Bailey, will supervise 1,700 banks, insurers and large investment firms.
2 The Financial Conduct Authority,
an independent agency led by Martin Wheatley, will supervise behaviour
at the same firms and have sole responsibility for 25,000 more, most of
them brokers, investment advisers and money managers. The FCA’s
multifaceted task includes protecting investors, policing the markets
and promoting competition.
3 Mr Wheatley and Mr Bailey will also sit on the third new UK regulator, the Financial Policy Committee, a consensual body charged with spotting and disarming broad threats to financial stability.
Let's see how this all works then!