Wednesday, 23 May 2012

UK: Financial Services Bill 2012 - Report and Third Reading stages passed in Commons

The Financial Services Bill 2012 passed the Report and Third Reading stages in the House of Commons yesterday. The record of debate, Hansard, is available here. The Bill now proceeds to the House of Lords. As part of the debate at Third Reading, the Chairman of the Commons Treasury Select Committee, Andrew Tyrie MP, observed that the Bill was a "big step forward" but more needed to be done to improve it, in particular with regard to the accountability of the new supervisory authorities and the objectives given to the new Financial Conduct Authority: see here.

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