The most interesting changes made by the UK government`s reforms to the regulatory structure of financial services in the United Kingdom, in accordance with the law, are the changes to the ACF. Its creation is seen as an opportunity to reset the behavioural standards of the financial services sector, which have been in the spotlight since the beginning of the 2008 financial crisis. It seems that the focus is on the fact that companies, from the meeting room to the point of sale and beyond, place the well-being of their customers at the centre of their management and place the behaviour, attitudes and motivations for good behavior above everything else. The ACF`s new powers, such as banning financial products, publishing details of deceptive financial actions and publishing disciplinary information, should enable the ACF to intervene earlier and act more quickly when problems that could harm consumers or markets are identified. While the vision and ambition of these reforms is clear, it remains to be seen how the new regulators, and in particular the CFAs (with their new enforcement powers), will in practice tackle the regulation of the UK banking and financial sector as soon as the law and its new regulatory structure are in force. Under the FS Act, the ACF will also have the option of banning financial products, publishing details of deceptive financial actions and informing people when they are proposing disciplinary action against a company. In a paper published in October 2012 by the Financial Services Authority, it is stated that the ACF will take three steps when it uses this new power: „I am a frequent reader of lexology, as it is an efficient and accurate service. It is very relevant, because a large part of these communications from law firms, having a clear interest in marketing their organizations in key areas of economic law, in order to induce or offer to another person (who must not be the only person to whom the statement, promise or prognosis is made or whose facts are hidden) to conclude or refrain from concluding or refraining from entering into or refraining from entering into such an agreement or refraining from making such an investment or refraining from making a corresponding investment. Following the September 2012 Wheatley Report on the Regulation of the London Inter-Bank Offered Rate (LIBOR), the government decided to amend the bill to transfer certain benchmarking activities to the FSMA regulatory scope, which are defined in Section 7 of the Act. HM Treasury intends to amend the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO) to create two new activities: „Providing information on a regulated repository“ and „Managing a regulated repository.“ At least as a first step, libOR will be the only regulated benchmark in the UK. Given that the government has chosen to oppose these new regulated activities, the ACF will be the primary regulator of LIBOR (and potentially other benchmarks in the future). In our previous DechertOnPoints, the Financial Services Bill in the context of the proposed new UK financial regulation structure and the UK Financial Services Bill and the UK`s new financial regulation structure, we discussed the new UK financial regulation structure and the details of the Financial Services Act 2012 (FS Act).