On April 1, the long-awaited handover of power from the FSA to the “twin-peaks system,” consisting of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), took place.  The PRA, a branch of the Bank of England, will supervise 1,700 banks, insurers and large investment firms.  Its independent co-regulator, the FCA, will supervise all other financial services firms as well as be the conduct regulator and listing authority.  The Financial Prudential Committee, whose members will include the heads of the FCA and PRA as well as the Governor of the Bank of England, has also been formed.  It will have the task of monitoring the health of the financial system as a whole and has powers to force the other regulators to implement policies.