After the Reform of 1997 Financial Regulatory System in the United Kingdom, the Financial Services and Markets Act 2000 (FSMA), which respond to some common challenges faced in twenty-first century financial regulation, enacted. That is, the U.K. has sought to match the unitary nature of its institutional arrangements for financial regulation with an integrated legal framework. On July 26, 2010, HM Treasury of UK published a consultation paper setting out far reaching reforms to the structure of financial regulation in the United Kingdom. The Consultation follows the announcement by the Chancellor of the Exchequer that the UK Financial Services Authority would be abolished, prudential supervisory powers returned to the Bank of England, and the `tripartite system` of financial regulation brought to an end. The specific proposals include the transfer of the FSA`s functions to four new bodies: the Financial Policy Committee, the Prudential Regulation Authority, the Consumer Protection and Markets Authority and a Serious Economic Crime Agency, which would take over the FSA`s role in prosecuting market abuse and insider dealing. The UK Government will present further details and proposals, including draft legislation, for further consultation in early 2011. The reforms will then be implemented in 2012. During the transitional period, and prior to legislation, structural changes will be made at the FSA in preparation for the proposed reforms. Early of 2000, there is an argument that we had better enact `an integrated financial` act such as FSMA. This article tries to understand exactly the UK`s financial system and review the past argument critically and offers some observations. Throughout the world, there is wide variety in the existing institutional arrangements and, despite the current interest in the single regulator model, its adoption in practice remains relatively rare. The recognition that national institutional arrangements evolve under the influence of local factors, as well as global trends in financial markets, suggests that there is no one ideal model that is universally applicable.