Thursday, 6 December 2012
The Financial Services Bill completed the third reading stage in the House of Lords yesterday. An overview of the debate is available here. Consideration of amendments (including Ping Pong) is timetabled for next Monday and once Royal Assent is given the Bill will become an Act. The Act will introduce a new financial regulatory framework in the UK with the creation of the Prudential Regulation Authority and Financial Conduct Authority (these new authorities, which will replace the Financial Services Authority, are expected to come into existence on 1 April 2013).