When did the Financial Services and Markets Act (FSMA) 2012 officially become law?

The Financial Services and Markets Act (FSMA) 2012 officially became law on April 1, 2013. This legislation introduced significant reforms to the regulation of financial services in the UK, focusing on enhancing consumer protection and ensuring the stability of the financial system. The act transitioned responsibilities for regulation to newly established bodies like the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), which replaced the Financial Services Authority (FSA).

The timing of the FSMA's enactment is crucial because it aligns with a broader context of reform following the financial crisis of 2008, aiming to create a more resilient financial system. Understanding the date and the implications of such regulatory changes helps in grasping the evolving landscape of financial services regulation, highlighting the importance of staying updated with legislative changes in the industry.