[ by Melanie Gretchen ]

The U.K.'s central bank, The Bank of England, is getting closer to its all-important goal of establishing the successor regulator to the Financial Services Authority, commonly referred to as "FSA".  In April, two newly-created regulatory authorities will replace the FSA: 

• Prudential Regulatory Authority ("PRA") - will undertake the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms following government reforms to banking.
• Financial Conduct Authority ("FCA") -  will be responsible for regulating conduct in retail and wholesale markets, and will operate with the single strategic objective of protecting and enhancing confidence in the U.K. financial system.

Andrew Bailey, who has been serving as the interim CEO, of the PRA, was named as the permanent head to run the Prudential Regulatory Authority, which operates as a unit of the Bank of England.  Mr. Bailey will assume 2 new positions on 4/1/13, the transition date -  (i) as BOE's Deputy Governor for Prudential Regulation;  and, (ii) as CEO of the Prudential Regulation Authority. 

For further details, go to [Dealbook, 2/19/13] and [International Business Times, 2/19/13].