Tuesday, 24 April 2012

UK: The Financial Services Bill 2011-12 and Bank of England accountability

The Financial Services Bill 2010-12 was debated for first time yesterday at Report stage in the House of Commons yesterday. Hansard, the record of debate, is available here. Andrew Tyrie MP, the chairman of the House of Commons Treasury Select Committee, spoke at some length with regard to the accountability of the institutions within the new framework, in particular the Bank of England and also the new Financial Conduct Authority. It would appear that the Government has accepted some of Mr Tyrie's arguments and that amendments to the Bill will be made when it reaches the House of Lords.

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