Financial institutions

All Standard Notes
34 Documents
DateDescription
15.04.2014Payment Services Regulator
The financial crash of 2008 was a wake up call to the inadequacies of financial regulation worldwide. The basic payment service mechanisms on which everything relies did not escape the notice of the authorities. The upshot is a new regulator of the 'plumbing' of the financial system. This note describes its establishment and scope.
24.03.2014Big Society Bank
This note sets out the known facts surrounding the establishment of the Big Society Bank/ Big Society Capital
31.01.2014LIBOR, Public Inquiries & FSA Disciplinary Powers
This note summarises some of the key points relating to the LIBOR scandal. It looks at issues surrounding public inquiries and at the role and limitations of the FSA's disciplinary powers.
30.01.2014European banking union
This note brings together the main documents and developments regarding the European Community's attempts to create a more pan-Community supervisory and recovery mechanism for members' banking sectors. Significant new measures were approved of in December 2013.
14.01.2014Banking executives' remuneration in the UK
This Note outlines some of the changes made to the structure, determination and publication of executive salaries, with particular reference to banks and other financial companies.
30.12.2013The Independent Commission on Banking: The Vickers Report & the Parliamentary Commission on banking standards
This note summarises the main features proposed by the Vickers Commission to reform the UK banking market.
18.12.2013Motor car insurance
This note outlines some of the reasons given for the substantial rise in motor insurance premiums experienced by many constituents in recent years.
10.12.2013Financial Services (Banking Reform) Bill: Lords stages
This note summarises the proceedings of the Lords committee stage of the bill.
17.10.2013Credit Unions
Can credit unions ever live up to governments' hopes.
31.07.2013Equitable Life: compensation scheme
This note is designed to summarise the processes and principles behind the Equitable Life compensation scheme. It is designed to help constituents who wish to know what they might expect and what they have to do if they believe that they are due compensation.
19.12.2012Financial Services Bill: House of Lords committee stages
Summary of Lords committee stages of Financial Services Bill
06.12.2012Financial Services Bill: House of Lords Report & Third Reading stages
A guide to the main amendments agreed to during the Report and Thrid Reading stages of the Financial Services Bill 2012
22.08.2012Reforming financial markets VIII: implementing the new Basel regulatory capital rules
This is one of a series of notes which looks at actual or proposed reforms of either certain parts of the financial services sector or reforms of certain activities. These notes attempt to describe the progress made on individual issues through these phases. This note focuses upon the standards for prudential capital and liquidity control put forward at various levels of national and international authority.
06.01.2012Crown Currency Exchange (CCE)
This note sets out the position for customers following the collapse of Crown Currency Exchange (CCE) and its subsequent liquidation.
03.06.2011The economic crisis: policy responses
This note brings together the various elements of Government action to deal with the current economic crisis
01.06.2011Retail Banking: overdraft and credit card charges
This note sets out the background and chronology to various challenges mounted by the public and the Office of Fair Trading against credit card companies and high street banks over their charging policies.
03.02.2011Equitable Life: Penrose and beyond
This Note outlines developments in the long running examination of the causes of and the search for remedies for, the collapse of Equitable Life. It starts with setting up of an inquiry by the Government into the causes of the troubles headed by a judge in Scotland, Lord Penrose. Another standard note deals with events leading up to this point: Equitable Life: Pre Penrose SN/BT/1197.
18.08.2010Keydata Investment Services in administration
Keydata Investment Services was placed into administration by the Financial Services Authority in June 2009. The administrators, PricewaterhouseCoopers, found a number of serious issues at the company, one of which was that many products sold as ISAs were in fact ineligible for tax-free saving status. More seriously, they subsequently found that income on certain investment products had not been paid in recent months, and, in the case of one type of investment, they had been unable to satisfy themselves as to the safe custody of the underlying assets", and suggested that "the assets have been liquidated and may have been misappropriated".
14.06.2010Reforming financial markets IV: Crisis management and bank insolvency
This is one of a series of notes which looks at actual or proposed reforms of either certain parts of the financial services sector or reforms of certain activities. These notes attempt to describe the progress made on individual issues through these phases. This note focuses upon the new rules and procedures in respect of the rescue or orderly winding down, in the event of financial failure of banks.
12.05.2010Banking Crises:lessons from abroad
11.05.2010Financial Regulation: the new rules
This note highlights the new financial rules drawn up by the Financial Services Authority in response to the financial crisis which began in 2007.
04.05.2010Irish banks: deposit protection
This note sets out the issues behind recent concerns surrounding the safety of deposits made by UK residents in Irish banks. One important linkage between UK depositors and the Irish banking system is provided by the Post Office, which offers savings' bank accounts sourced with the Bank of Ireland
12.04.2010The credit crisis:a timeline
This Standard Note provides a brief history of the events that took place during the credit crisis (also known as the credit crunch).
11.03.2010European responses to the financial crisis
Summarises responses from individual European governments and from the EU.
11.03.2010EU financial services legislation
13.01.2010Competition and the banking crisis
This note sets out to: provide information on state aid rules and assistance to the financial sector; explain some of the competition concerns relating to the banking crisis; and set out briefly the powers of the competition authorities to address such concerns.
22.07.2009Icelandic Bank Default
This note sets out the events surrounding the collapse of several Icelandic banks with branches in the UK. It looks at compensation arrangements and the impact of default on other groups.
22.06.2009Proposals to reform financial regulation
This Note provides a summary of the reforms recommended in the Turner Review, the European Commission's de Larosiere report, documents produced by the Basel Committee on Banking Supervision and a range of reports produced by the Financial Stability Forum/Financial Stability Board.
15.06.2009US bank stress tests
This Standard Note provides an overview of the bank stress tests completed by the US federal authorities in May 2009
22.04.2009Co-operative and community Benefit Societies and Credit Unions Bill - Bill 14 2008/09
This note provides background to a Private Members Bill being introduced by Malcolm Wicks MP which has government support
27.03.2009Iceland's financial crisis
The global financial crisis has been tumultuous for Iceland. Until recently considered a rich, successful and competitive nation, Iceland suffered a dramatic collapse of its economy and currency following the collapse of its banking sector in October 2008. It was forced to negotiate a loan from the IMF and further financial support from a number of countries, and saw the fall of its government. The crisis has led to renewed suggestions that Iceland may apply to join the EU and adopt the euro. Following the Government's fall in January 2009, a caretaker Government took over in February and elections are expected on 25 April 2009. The major partner in the caretaker left-wing coalition, the Social Democratic Alliance, was a member of the previous administration and is strongly pro-EU, but its new partner, the Left Green Movement, has said it will continue to oppose EU membership.
04.03.2009Scottish banknote issuance
This short note outlines the arguments surrounding the acceptability, or otherwise, of Scottish banknotes
14.10.2008Supplementary Estimate and Consolidated Fund (Appropriation) (No 3) Bill
15.06.2007Bank accounts: problems of identification
Bank accounts: problems of identification. By Tim Edmonds. SN/BT/3366.
All Research Papers
21 Documents
DateDescription
18.11.2013Mesothelioma Bill
The Bill provides the legislative framework for a new Diffuse Mesothelioma Payment Scheme to make payments to people with diffuse mesothelioma who were exposed to asbestos either negligently or in breach of statutory duty by an employer, and who are unable to bring a claim for damages against the employer or an Employers' Liability (EL) insurer.
25.06.2013Financial Services (Banking Reform) Bill: Committee Stage Report
This Bill follows a series of Acts passed since the financial crisis of 2008. Whereas other Acts established a new regulatory framework, this Bill sets out a new 'architecture' of the institutions themselves.
28.02.2013Financial Services (Banking Reform) Bill
This, latest, financial services reform legislation brings together the final proposals for how the banking sector will look going forward.
03.10.2012Enterprise and Regulatory Reform Bill: Committee Stage Report
This is a report on the Public Bill Committee Stage of the Enterprise and Regulatory Reform Bill. It is designed to complement the Research Paper Enterprise and Regulatory Reform Bill (RP 12/33), which covers in more detail the background to the Bill
03.07.2012Bank of England (Appointment of Governor) Bill
This Bill would make the appointment of the Governor of the Bank of England dependent upon the approval of the Treasury Select Committee.
22.06.2012Financial Services Bill [Bill 278 of 2010-12]
The focus of this Bill is to set up a new framework for financial regulation in the United Kingdom
07.06.2012Enterprise and Regulatory Reform Bill
The Enterprise and Regulatory Reform Bill introduces reforms in a number of areas.
15.05.2012Financial Services Bill: Committee Stage & Report Stage (day one) Report.
The focus of this Bill is to establish a new framework for financial regulation in the United Kingdom.
19.04.2012Financial Services Bill: Committee Stage Report
The focus of this Bill is to establish a new framework for financial regulation in the United Kingdom.
13.12.2010Loans to Ireland Bill. [Bill 125 of 2010-11]
This paper on the Loans to Ireland Bill has been prepared for the Second Reading Debate on the Bill in the House of Commons. The Bill authorises the Treasury to loan up to 3.25bn to Ireland, and contains an order-making power to increase this limit subject to affirmative procedure in the Commons. It also arranges for six-monthly reporting to Parliament on the status of the loan. All Commons stages were taken on 15 December 2010.
27.01.2010Co-operative & Community Benefit Societies and Credit Unions Bill [HL] Bill No. 50
The Bill requires new industrial and provident societies (other than credit unions) to be registered as co-operative or community benefit societies, re-names the Industrial and Provident Societies Acts, and applies the Company Directors Disqualification Act 1986 to industrial and provident societies. The Bill also gives the Treasury powers to apply company law on the investigation of companies, company names and dissolution and restoration to the register, to industrial and provident societies, and to make provisions for credit unions corresponding to any provisions applying to building societies.
20.01.2010Financial Services Bill : Committee Stage Report
This is a report on the Committee Stage of the Bill. The Bill creates a Council for Financial Stability to co-ordinate the responsibilities and action of the Bank of England, Financial Services Authority (FSA) and Treasury with respect to financial stability. It also provides for collective consumer legal action to be taken in cases of multiple claimants against financial companies. The key debate at Committee Stage was on the structure of the regulatory system and the establishment of the Council for Financial Stability. One Government amendment was made to the Bill, which emphasised that the Bill had no retrospective impact upon executive remuneration contracts.
27.11.2009Financial Services Bill. Bill 6 2009-10.
This is the third piece of financial services legislation since 2007 to respond to the banking and financial crisis. It does however, include other measures designed to improve the position of financial services customers. It creates a Council for Financial Stability to co-ordinate the responsibilities and action of the Bank, FSA and Treasury with respect to financial stability matters. It enhances and extends the powers of the FSA and gives it new duties. Lastly, amongst other consumer protection measures, it provides for collective consumer legal action to be taken in cases of multiple claimants against financial companies. The Bill applies to the whole of the UK.
25.11.2008Banking Bill Committee Stage Report
The Banking Bill represents part of the Government's legislative response to the ongoing banking crisis affecting the UK. It continues powers provided temporarily in the aftermath of the Northern Rock nationalisation; provides a framework for new rescue initiatives of failing bank; alters the existing regulatory structure surrounding banks and makes changes to the compensation scheme which protects depositors' deposits.
24.10.2008Dormant Bank and Building Societies Bill [HL] Bill 150 of 2007-2008
10.10.2008Banking Bill Bill 147 of 2007-08
Banking Bill Bill 147 of 2007-08 House of Commons Library Research Paper 08/77
30.09.2008Dormant Bank and Building Society Accounts Bill [HL] Bill 80 of 2007-08
This short Bill provides the legislative framework for an intended 'dormant assets' scheme. Dormant assets are those that have no clear owner; the owner has not used the account for some time and cannot be contacted. The Bill provides a mechanism by which assets so identified can be managed and distributed for defined social purposes. It also provides necessary legal protections for institutions participating in the scheme.
19.02.2008Banking (Special Provisions) Bill
Banking (Special Provisions) Bill. (Bill 73 of 2007-08). House of Commons Library Research Paper 08/19.
21.03.2007Financial Mutuals Arrangements Bill 2006-07
10.04.2002Social indicators
Social indicators. (Includes articles on Railways across Europe, Private medical insurance and Sources of election statistics). House of Commons Library Research Paper 02/22.
24.06.1999Financial Services and Markets Bill (Bill 121 1998/99)
Financial Services and Markets Bill. (Bill 121 of 1998/99). House of Commons Library Research Paper 99/68.
All Select Committee Reports
29 Select Committee Reports
DateDescription
27.01.2012A new approach to financial regulation: securing stability, protecting consumers, including Annexes containing...
Government response. Treasury report [Commons]
19.01.2012Accountability of the Bank of England: response from the Court of the Bank of England to the twenty-first...
Government response. Treasury Select Committee report [Commons]
29.11.2011Final report of the Independent Commission on Banking.
Economic Affairs Select Committee (HL) report [Lords]
19.10.2011Accountability of the Bank of England.
Treasury Select Committee report [Commons]
18.10.2011Draft Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011:
Regulatory Reform Select Committee report [Commons]
19.07.2011Sovereign Credit Ratings: Shooting the Messenger?
European Union Select Committee (HL) report [Lords]
19.07.2011Independent Commission on Banking.
Treasury Select Committee report [Commons]
12.07.2011EU Financial Supervisory Framework.
European Union Select Committee (HL) report [Lords]
11.05.2011Maintaining the financial stability of the UK banks: update on the support scheme.
Public Accounts Committee report [Commons]
01.03.2011The cost of motor insurance.
Transport Select Committee report [Commons]
20.10.2010Equitable Life.
Government response. Treasury report [Commons]
14.10.2010Equitable Life.
Public Administration Select Committee report [Commons]
12.07.2010Banking in Scotland.
Government response. Scotland Office report [Commons]
12.07.2010Women in the City.
Government response. Treasury report [Commons]
23.03.2010The future regulation of derivatives markets: is the EU on the right track?
European Union Select Committee (HL) report [Lords]
22.03.2010Financial institutions - too important to fail?
Treasury Select Committee report [Commons]
22.03.2010Women in the City.
Treasury Select Committee report [Commons]
24.02.2010Banking in Scotland.
Scottish Affairs Select Committee report [Commons]
09.02.2010The failure of the Presbyterian Mutual Society.
Treasury Select Committee report [Commons]
02.02.2010Directive on Alternative Investment Fund Managers.
European Union Select Committee (HL) report [Lords]
01.02.2010Maintaining financial stability across the United Kingdom's banking system.Public
Public Accounts Committee report [Commons]
21.10.2009Credit unions in Scotland.
Government response. Scotland Office; Scottish Affairs Select Committee report [Commons]
14.10.2009Dunfermline Building Society.
Government response. Scotland Office; Scottish Affairs Select Committee report [Commons]
15.07.2009Dunfermline Building Society.
Scottish Affairs Select Committee report [Commons]
09.06.2009The future of EU financial regulation and supervision.
European Union Select Committee (HL) report [Lords]
01.06.2009The nationalisation of Northern Rock.
Public Accounts Committee report [Commons]
19.05.2009Banking supervision and regulation.
Economic Affairs Select Committee (HL) report [Lords]
06.05.2009Credit unions in Scotland.
Scottish Affairs Select Committee report [Commons]
09.12.2008EU legislative initiatives in response to the financial turmoil.
European Union Select Committee (HL) report [Lords]