Financial services

This page highlights some of the current parliamentary material available on financial services. This includes select committee reports, briefing papers on current legislation and other subjects produced by the parliamentary research services, and the latest Early Day Motions put down by MPs. For information on banks and other institutions, see financial institutions.

Standard Notes

Date	Description
03.02.2012	Household Debt: Economic Indicators page
	There were 28,973 individual insolvencies in England and Wales in Q4, 2011. This was 5.6% lower than a year earlier.
02.02.2012	Banking 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.
31.01.2012	Lending to business
	This note sets out statistics available on lending to business and discusses recent trends in the data.
24.01.2012	The financial sector's contribution to the UK economy
	This note sets out ways of measuring the financial sector's contribution to the UK economy, looking at gross value added (GVA), employment, the trade balance and revenue from taxation.
23.01.2012	EU bibliographies: Financial services
	This reference Note brings together Internet links to; relevant documents, UK and EU scrutiny and overviews of adopted EU legislation and draft EU legislation that the Financial Services Authority will be working to influence.

Research Papers

Date	Description
02.02.2012	Financial 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
18.11.2010	Savings Account and Health in Pregnancy Grant Bill: Committee Stage Report
	The Bill gives effect to decisions made as part of the initial review of public expenditure undertaken soon after the 2010 General Election. This Paper summarises proceedings in the Commons Committee Stage of the Bill. Several amendments proposed but none were successful. The paper complements Research Paper 10/66, which was prepared for the Second Reading of the Bill.
18.08.2010	Equitable Life (Payments) Bill [Bill 62 of 2010-11]
	This paper has been written for the Second Reading debate in the House of Commons. The Bill provides the authority for a payments scheme for eligible former and current Equitable Life policyholders in respect of the consequences of maladministration by regulatory bodies as identified by the Ombudsman and accepted by government. The paper outlines the commercial problems of Equitable Life; the series of investigations into the regulation of its activities; and the work of the office of Sir John Chadwick in devising principles for designing a workable system of payments. The Bill is a short, simple and technical measure. Although the precise shape of the payments scheme is as yet unknown, this Bill provides the authority for money to be paid once it is set up and clarifies the tax treatment of future payments.
08.03.2010	Third Parties (Rights against Insurers) Bill [HL] [Bill No. 79 of 2009-10]
	The purpose of the Bill is to amend existing legislation governing the relationship between insurers and claimants, with specific regard to 'third parties', to make it easier and less expensive to claim compensation from insolvent defendants. Current legislation dictates that claimants must establish an insolvent defendant's liability before bringing a separate claim against their insurer. The Bill would enable claimants to sue the insolvent defendant's insurer directly, without having to sue the wrongdoer first. The Bill's provisions are largely uncontroversial, and have widespread support from the majority of stakeholders.
27.01.2010	Co-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.

Select Committee Reports

Date	Description
14.06.2011	Auditors: Market concentration and their role: Government response.
	Government response. Economic Affairs Select Committee (HL) report [Lords]
24.03.2011	Competition and choice in retail banking.
	Treasury Select Committee report [Commons]
15.03.2011	Auditors: Market concentration and their role.
	Economic Affairs Select Committee (HL) report [Lords]
27.01.2011	Financial regulation: a preliminary consideration of the Government's proposals.
	Treasury Select Committee report [Commons]
11.01.2011	Credit searches.
	Government response. Treasury Select Committee; Treasury report [Commons]

Early Day Motions

Date	Description
14.12.2011	FINANCIAL TRANSACTION TAX (No. 3)
	That this House notes that the European Commission is desperate to save the Euro and is proposing a tax on financial transactions that would raise 50 billion a year; further notes that ...
05.12.2011	BRISTOL AND WEST BOND-HOLDERS
	That this House notes that English investors who took out Bristol andWest permanent interest-bearing shares did so inthe belief that these shares wouldbe treated underEnglish law; regrets ...
30.11.2011	MINIMUM STANDARDS FOR FINANCIAL PRODUCTS
	That this House welcomes the product intervention powers proposed in the draft Financial Services Bill, which will allow the Financial Conduct Authority to remove financial products ...
29.11.2011	FAREPAK COMPENSATION
	That this House regrets that the victims of the failed Christmas hamper and savings company Farepak have not yet received compensation following the company's liquidation in October ...
21.11.2011	LEVEL OF INTEREST RATES ON LOANS
	That this House notes that wonga.com is currently advertising a typical interest rate of 4214 per cent. and that this is not the only institution offering a similar service; further ...