Financial Services Bill [Bill 278 of 2010-12] - Commons Library Research Paper

Published 15 May 2012 | Research papers RP12/8

Authors: Tim Edmonds, Lorraine Conway

Topic: Financial institutions, Financial services

The focus of this Bill is to set up a new framework for financial regulation in the United Kingdom. Many reasons have been put forward for why the financial crisis which started in 2008 happened. The Coalition Government believes that regulatory failure played some part. The Bill puts the Bank of England back at the centre of the supervisory system; establishes institutions for ‘macro-prudential regulation’ and two new regulators which concentrate on the prudential regulation of large institutions and business conduct respectively.

The Bill is subject to a Sewell Convention which means that the Government is seeking consent from the Scottish Parliament to legislate on those aspects which touch on devolved matters.

The Bill was subject to a carry-over motion from the 2010-12 session and reappeared in 2012-13 as Bill 2 of that session.

Related information

House of Commons Library

The House of Commons Library provides research, analysis and information services for MPs and their staff.

If you have any comments on briefings from the Commons Library, please contact papers@parliament.uk.

Please note, authors are not available to discuss the contents of papers with members of the general public.

House of Lords Library

The House of Lords Library delivers research and information services to Members and staff of the House in support of parliamentary business.

Email holresearchservices@parliament.uk with comments on Lords Library Notes.

Please note that authors are not available to discuss the contents of Library Notes with members of the general public.

Parliamentary Office of Science and Technology

POST produces independent, balanced and accessible briefings on public policy issues related to science and technology. You can leave feedback at www.surveymonkey.com/postnote