How did the 2008 financial crisis change financial regulation in the United Kingdom?

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The 2008 financial crisis prompted a significant overhaul of the United Kingdom's regulatory framework due to widespread criticism of the Financial Services Authority (FSA), which had previously overseen the industry.1

Following the crisis and the subsequent government bailouts of major banks, the Financial Services Act of 2012 was enacted to replace the existing "tripartite" system. In 2013, this system was superseded by three new regulatory bodies:1

Financial Conduct Authority (FCA): Mandated with the regulation of financial service firms and the protection of consumers.1
Financial Policy Committee (FPC): Established to monitor and address systemic risks within the financial system.1
Prudential Regulation Authority (PRA): Tasked with the supervision of major financial institutions.1

A key outcome of these reforms was the return of bank supervision and regulation to the Bank of England, where both the FPC and the PRA are now embedded.1