Jurisdiction(s):
United Kingdom

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Key definition

Assent definition

What does Assent mean? In probate practice, an assent is the act or instrument by which personal representatives (executors or administrators) transfer estate assets to a beneficiary in satisfaction of a will or intestacy entitlement. Only personal representatives can give an assent. It is usually used once debts, taxes and expenses are provided for and the beneficiary’s interest is confirmed. An assent gives effect to the gift: after assenting, the personal representatives hold the asset on bare trust for the beneficiary until any remaining formalities (such as land registration or re-registration of shares) are completed. Use and terminology are broadly consistent across...

Financial Services Act 2012: UK regulatory overhaul: creation of FCA, PRA and FPC; objectives, powers, secondary legislation, supervision and inter-agency co-ordination

Published by a LexisNexis Financial Services expert

Practice notes

The Financial Services Act 2012 (FSA 2012) obtained Royal assent on 19 December 2012 and came into force on 1 April 2013. It abolished the financial services authority (FSA), installing two successor regulators—the financial conduct authority (FCA) and the Prudential Regulation authority (PRA)—and also formed a new Financial Policy Committee (FPC) within the Bank of England (BoE). In brief, this Practice Note summarises the reforms to the UK financial services regulatory framework introduced by the Act. FSA 2012 was preceded by a succession of public consultations. A draft Bill appeared in July 2011 and was examined by a Joint Committee of both Houses, which issued its report on the draft Bill on 19 December 2011. The Financial Services Bill was then presented to Parliament in January 2012. Further details on the Bill’s progress can be found on the Parliament website.

Implementation largely came via secondary legislation, in particular setting out much of the regulatory architecture, such as the allocation of regulated activities between the authorities and the establishment of the ‘threshold conditions’ firms must meet to obtain and maintain authorisation as a financial services firm.

What did the FSA 2012 do?

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Web page updated on 21/05/2026

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