UK: Financial Services Bill receives second reading in House of Lords

The Financial Services Bill received its second reading in the House of Lords yesterday and now proceeds to Committee stage for more detailed consideration of its clauses (the date for which has not yet been set). The debate at second reading can be read in Hansard here and watched here (note that debate began at 4.14 pm).

The speeches were wide-ranging but common themes included: the effectiveness of the tripartite system of regulation; the desirability of the proposed new consumer financial education body; the issues associated with introducing a mechanism for collective proceedings in respect of financial services claims; the proposed duty on the FSA with regard to firms' remuneration policy; and the power given to HM Treasury in clause 9 to make Regulations concerning the preparation of executive remuneration reports.

With regard to clause 9, Lord Myners, for the Government, stated that a draft copy of the Regulations would be available before Committee stage.

A copy of the Bill, as brought forward from the House of Commons, is available here (html) and here (pdf). Further information about the Bill is available here.