After 1 April, regulation will be governed by the Financial Policy Committee (FPC), Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA).
These bodies will replace the Financial Services Authority.
The Financial Policy Committee will be an official committee of the Bank of England, modeled on the Monetary Policy Committee, and will look at systemic risks to the UK financial system and how best to protect and enhance the financial system. This will be an 11-strong committee chaired by the Bank of England governor.
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The Financial Conduct Authority will focus on conduct regulation and look at consumer protection including marketing of financial products. It will be particularly looking at financial advisers, investment firms and fund managers. Head of the FCA will be Martin Wheatley, currently working as a FSA managing director.
The Prudential Regulatory Authority will be a subsidiary of the Bank of England and focus on the prudential regulation of firms including banks, investment banks, building societies and insurance companies. It will also look at how to minimise the impact of a firm's failure. This will be run by Andrew Bailey, currently managing director of the FSA's conduct business unit.
The FSA already split into a 'twin-peaks regime' last April to focus on conduct and prudential regulation ahead of this year's change.
Conduct supervision will focus on thematic work while prudential supervision will have dedicated resources for supervising specific firms.

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