UK: FInancial Services Bill - Committee stage in the House of Lords

The Financial Services Bill began the Committee stage in the House of Lords yesterday. Hansard, the record of debate, is available here. Several of the debated amendments concerned the governance of the Bank of England but debate also included, amongst other things, the powers of the Governor of the Bank of England and the role of the Bank's Deputy Governors. Debate continues on 3 July.

UK: Financial Services Bill - second reading in the House of Lords next Monday and Treasury Committee concerns

The Financial Services Bill 2012 will receive its second reading in the House of Lords next Monday and this will provide the first opportunity for members of the Lords to debate the main principles and purpose of the Bill. A list of speakers has been published here. A copy of the Bill, as introduced at first reading in the Lords, is available here (html) and here (pdf). Explanatory notes are available here (html) and here (pdf).

The House of Commons Treasury Select Committee remains concerned with aspects of the Bill and has published a report setting out its concerns and suggested remedies: see here (html) and here (pdf). Amongst other things, the Committee is concerned with the proposed governance arrangements for the Bank of England and the strategic objective being given to the new Financial Conduct Authority.

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.

UK: financial regulation reform - Financial Services Bill 2010-12 update

The Financial Services Bill 2010-12 has completed the Committee Stage in the House of Commons and now proceeds to Report Stage where MPs may, from the floor of the House, propose further amendments. A copy of the Bill, as amended in Committee, is available here or here (pdf)

UK: FSA business plan for 2012/13 published

The Financial Services Authority has published its business plan for 2012/13, the last that it will publish before the new regulatory framework is introduced in (it is anticipated) the first half of 2013: see here (pdf). The plan provides a useful overview of how the twin peaks approach to supervision will operate within the FSA prior to the creation of the new regulatory authorities. This overview (on page 14) makes clear that both supervisory groups will be concerned with firms' board and governance processes.

UK: the draft Financial Services Bill - Parliamentary Committee report published

The Joint Parliamentary Committee formed to conduct pre-legislative scrutiny of the draft Financial Services Bill published its report today: see here or here (pdf). An executive summary is available here. The Committee makes many recommendations; the Government and regulators are asked, for example, to consider increasing the share of executive remuneration that is deferred and conditional on medium term outcomes. The Committee also suggests that further consideration be given to the introduction of a strict liability regime for executives and directors in respect of the adverse consequences of poor decisions. Elsewhere in the report, recommendations are made regarding the governance of the Bank of England and the objectives of the new Prudential Regulation Authority.