Financial services
All Standard Notes
68 Documents
| Date | Description |
|---|---|
| 17.05.2012 | Reforming Financial Markets: I Hedge Funds |
| 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. Whilst the 'rescue and recovery' phase of the financial crisis is (mainly) past, and the legislative phase is now in full swing. These notes attempt to describe the progress made on individual issues through these phases. This note focuses upon the regulation of hedge funds by the Alternative Investment Fund Managers directive. | |
| 11.05.2012 | Credit Reference Agencies |
| 10.05.2012 | Interest rate swaps on business loans |
| This note summarises the emerging issue of 'mis-sold' business loans. | |
| 09.05.2012 | Green Investment Bank |
| The Government has announced the creation of a Green Investment Bank to stimulate investment in green technologie. This note includes details of its role and its location. | |
| 04.05.2012 | Household Debt: Economic Indicators page |
| Q1 2012 provisional data indicates there were 28,723 individual insolvencies in England and Wales (not seasonally adjusted), a 4.7% decrease on Q1 2011. | |
| 30.04.2012 | CF Arch cru investment funds |
| This note brings together information about the frozen Arch cru investment funds and the new compensation scheme available for investors. | |
| 26.04.2012 | Claims management companies |
| This Note describes the regulatory framework which applies to claims management companies. | |
| 25.04.2012 | Lending to business |
| This note sets out statistics available on lending to business and discusses recent trends in the data. | |
| 23.04.2012 | Motor car insurance |
| This note outlines some of the reasons given for the substantial rise in motor insurance premiums experienced by many constituents in the last year. | |
| 11.04.2012 | Taxation of banking |
| This note looks at the public debate about reforming the tax treatment of the banking sector in the wake of the recent financial crisis, before discussing the different approaches taken by the Labour Government and its Coalition successor. | |
| 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. | |
| 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. | |
| 06.01.2012 | Crown Currency Exchange (CCE) |
| This note sets out the position for customers following the collapse of Crown Currency Exchange (CCE) and its subsequent liquidation. | |
| 23.12.2011 | Financial markets: supervisory and structural reform |
| Ever since the Northern Rock Bank failed in September 2007, the UK financial regulatory authorities have looked at how they operate and whether changes were needed to the existing system. The deepening crisis in 2008 and 2009 expanded the breadth of this review both in the UK and across the world. It is to be expected that firm proposals for new legislation will be forthcoming this year, following a consultation exercise and the publication of an independent Commission's Report headed by Sir John Vickers. This note sets out some of the background and sets out the broad outlines of current government proposals. | |
| 23.12.2011 | The Independent Commission on Banking: The Vickers Report |
| This note summarises the main features proposed by the Vickers Commission to reform the UK banking market. | |
| 13.12.2011 | In Brief: The Financial Restrictions (Iran) Order 2011 |
| Comprehensive financial sanctions were imposed on Iran by Statutory Instrument 2775, The Financial Restrictions (Iran) Order 2011, to be debated on a motion to approve on 13 December 2011. | |
| 02.12.2011 | EU bibliographies: Alternative Investment Fund Managers (AIFM) Directive |
| This Note brings together documents relevant to the proposed "Alternative Investment Fund Managers Directive" (also known as the AIFM Directive or the "Hedge Funds" Directive), and its scrutiny in the UK and EU. It is not an attempt to define policy in this area. For information on policy developments contact Tim Edmonds on extn 4318. See also SN/BT/5099 European responses to the financial crisis specifically p39 | |
| 16.11.2011 | Credit Unions |
| Credit Unions. By Tim Edmonds. SN/BT/1034. | |
| 26.10.2011 | Big Society Bank |
| This note sets out the known facts surrounding the establishment of the Big Society Bank. | |
| 19.10.2011 | Child Trust Fund |
| This note outlines the development and practical aspects of the Child Trust Fund until its cessation in 2010 . | |
| 10.08.2011 | Insurance and riot damage |
| This note outlines procedures and legislation surrounding insurance claims for damage caused by rioting. | |
| 08.08.2011 | Government bank rescues: financial consequences |
| This standard note gives some basic numbers concerning the government's net expenditure on banks rescued during the financial crisis of 2008-9 and the debts owed to it by other organisations. It does not answer the question - how much did the rescue cost since that will not be known for a considerable period. | |
| 05.08.2011 | Project Merlin |
| This note outlines the scope of Project Merlin which was designed to improve relations between government and the banking industry and included commitments on bank lending to business. | |
| 27.07.2011 | Equitable 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. | |
| 21.07.2011 | Insurance and discrimination laws: motor and travel insurance |
| 20.07.2011 | Retail distribution review |
| This note describes the aims and impact of the Review of the way financial products are sold and advice is given to the public. | |
| 13.07.2011 | The demise of the cheque? |
| Cheques are an old and familiar form of payment, although their usage has dramatically declined in recent years. This note sets out the decision of the Payments Council (who set the strategy for UK payment systems) to set a date of 31 October 2018 to end universal cheque clearing, and so effectively end cheque-usage in the UK, and the reaction to that decision. Following evidence of considerable support for continued cheque usage the decision to phase cheques oput was reversed in July 2011. | |
| 03.06.2011 | The economic crisis: policy responses |
| This note brings together the various elements of Government action to deal with the current economic crisis | |
| 01.06.2011 | Retail 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. | |
| 16.05.2011 | Financial Inclusion (Exclusion) |
| Financial Inclusion (Exclusion). By Tim Edmonds. SN/BT/3197. | |
| 04.04.2011 | The Coinage (Measurement) Bill |
| This note summarises a very short private members Bill which removes a technical legal impediment to the production of a 1 kilogram commemorative coin for the 2012 Olympics. | |
| 01.04.2011 | Unclaimed financial assets / dormant accounts |
| This note explains current moves to provide a mechanism for using unclaimed financial assets for charitable purposes, outlines the scale of the issue and provides advice on how constituents can check to see if they can reclaim any 'lost' assets. A more complete account of the issue can be found in Library Research Paper 08/73 which was produced for the passage of the Dormant Bank and Building Society Accounts Bill, in 2008. | |
| 03.03.2011 | Reforming financial markets III: commodity trading |
| 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. The entire sector has received worldwide attention from regulators, governments, consumer and intra-industry and professional groups following the financial crisis which began in 2007. Whilst the 'rescue and recovery' phase of the crisis is (mainly) past, and the consultation and consideration phase nearing its climax, the legislative phase is still to come. This note looks at the arguments surrounding commodity speculation and its impact on the real world of commodity prices. A growing number of economic commentators and charity groups have highlighted what they see as a link between growing and ever more sophisticated forms of financial speculation (distinct from the traditional, real, commodity trading and hedging activities) and the volatility of food and other commodity prices. The statistical evidence from various surveys presents a more mixed picture on the links between speculation and price increases. Financial speculation does appear to make commodity prices more volatile but does not provide much of an explanation for the specific movement of individual prices in the short term. Regulators have their own concerns over the methods used by traders and dealers. Most trades are carried out using derivative swap instruments outside of the more open, transparent regulated exchanges. The note outlines what measures are being promoted to improve the regulation of the financial markets involved with these matters. | |
| 22.02.2011 | Reforming 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. | |
| 11.02.2011 | Reforming financial markets II: remuneration structures |
| 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 the phases of legislative consultation and implementation. This note focuses upon new rules designed to the regulate the way in which banks and other financial companies reward their chief decision makers. | |
| 08.02.2011 | High cost consumer credit |
| This note outlines issues about high cost credit lending and attempts to reform it. It looks at evidence from various academic research and other reports into the impact of the sector on individuals both here and abroad. It also looks at the opportunities for other lenders to enter the market and to offer more competition to the current market leaders. | |
| 03.02.2011 | Equitable 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. | |
| 20.12.2010 | Mortgage Market Review |
| This note describes the proposed changes to the rules surrounding the granting of mortgages by lenders. The changes are intended to provide more protection for consumers and to reduce the chance of mortgage holders experiencing difficulty in paying off their debt. The mortgage industry however, argue that the rules are too strict and will dramatically reduce the chance of some sections of society being able to get the loan funding that they want. | |
| 02.12.2010 | Terrorist Asset-Freezing Etc Bill [HL] 2010-11: Committee Stage Report |
| This note summarises the debates at Commons Committee Stage on the Terrorist Asset-Freezing Etc. Bill [HL] | |
| 16.09.2010 | Community Reinvestment Act |
| Community Reinvestment Act. By Timothy Edmonds. SN/BT/400. | |
| 18.08.2010 | Keydata 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". | |
| 26.07.2010 | The Terrorist Asset-Freezing Etc.Bill 2010-11 |
| Describes the cases that led to the quashing of the terrorist asset-freezing regime by the Supreme Court, the temporary provisions bill that reinstated it and the present Bill, designed to provide a permanent solution to the problem. | |
| 13.07.2010 | Taxpayer direct support to banks |
| This Standard Note considers the Government's interventions ("direct support") in four major UK banks, namely Northern Rock, Bradford and Bingley, Royal Bank of Scotland, and Lloyds Banking Group (formerly Lloyds TSB and Halifax/Bank of Scotland). It considers the background of the "direct support" in the four banks, the role of the Government-owned UK Financial Investments Ltd in managing the taxpayers stakes in these banks, and the current valuation of these interventions. It also considers when the taxpayers' shareholdings in Royal Bank of Scotland and Lloyds Banking Group might be sold, and the possible privatisation of Northern Rock, and Bradford and Bingley. | |
| 29.06.2010 | Insurance Premium Tax |
| Insurance Premium Tax (IPT) is charged on insurance premiums and covers most general insurance. This note gives a short history of the tax since it was introduced in 1993, including the rise in IPT rates announced in the June 2010 Budget. | |
| 22.06.2010 | Reforming Financial Markets III: Credit Ratings Agencies |
| 14.06.2010 | Reforming 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. | |
| 12.05.2010 | Banking Crises:lessons from abroad |
| 11.05.2010 | Financial 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. | |
| 04.05.2010 | Irish 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 | |
| 12.04.2010 | The 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). | |
| 06.04.2010 | Financial Services Compensation Scheme |
| 11.03.2010 | European responses to the financial crisis |
| Summarises responses from individual European governments and from the EU. | |
| 11.03.2010 | The regulation of sale and rent back agreements |
| All firms undertaking sale and rent back agreements now have to be authorised by the FSA, so giving consumers greater protection. A key feature of the full regime will be that all consumers who undertake a sale and rent back agreement will have a guaranteed minimum tenancy of five years. | |
| 11.03.2010 | EU financial services legislation |
| 11.11.2009 | Financial services regulation - proposals for change |
| This note summarises the proposals put forward in two documents that address the issue of reforms to the regulation of the financial services sector post credit crunch. | |
| 22.07.2009 | Icelandic 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. | |
| 14.07.2009 | Money Laundering Regulations |
| Money Laundering Regulations. By Tim Edmonds. SN/BT/2592. | |
| 02.07.2009 | Bankers' Pensions (Limits) Bill |
| Looks at a Private Member's Bill which would enable limits to be placed on the occupational pension entitlement of the director of a bank which has been taken wholly or partly into public ownership. | |
| 22.06.2009 | Proposals 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. | |
| 16.06.2009 | Executive Remuneration in UK Banking |
| This standard note provides an overview of executive compensation in seven of the UK's largest banks. It examines the composition of executive remuneration with a focus on the payment of bonuses and the circumstances in which they are paid | |
| 22.04.2009 | Co-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 | |
| 27.03.2009 | Iceland'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. | |
| 04.03.2009 | Scottish banknote issuance |
| This short note outlines the arguments surrounding the acceptability, or otherwise, of Scottish banknotes | |
| 14.10.2008 | Supplementary Estimate and Consolidated Fund (Appropriation) (No 3) Bill |
| 17.09.2008 | Legal charges on family home - repossession |
| 16.10.2007 | Shared appreciation mortgages |
| Shared appreciation mortgages. By Tim Edmonds. SN/BT/3414. | |
| 06.07.2007 | Financial Services Authority: looking forward looking back |
All Research Papers
26 Documents
| Date | Description |
|---|---|
| 15.05.2012 | 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 | |
| 15.05.2012 | Financial 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. | |
| 19.04.2012 | Financial Services Bill: Committee Stage Report |
| The focus of this Bill is to establish 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. | |
| 20.01.2010 | Financial 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. | |
| 27.11.2009 | Financial 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. | |
| 22.04.2009 | The financial crisis in the US: key events, causes and responses |
| The financial crisis in the US: key events, causes and responses House of Commons Library Research Paper 09/34 | |
| 23.02.2009 | Saving Gateway Accounts Bill : Committee Stage report (Bill 3 of 2008-09) |
| This short Bill establishes a government subsidised savings scheme for people of working age on low incomes. The Saving Gateway has been trialled in several regions; the Bill establishes a scheme for the whole of the country. | |
| 09.01.2009 | Saving Gateway Accounts Bill (Bill 3 of 2008-09) |
| This short Bill establishes a government subsidised savings scheme for people of working age on low incomes. The Saving Gateway has been trialled in several regions; the Bill establishes a scheme for the whole of the country. | |
| 25.11.2008 | Banking 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. | |
| 10.10.2008 | Banking Bill Bill 147 of 2007-08 |
| Banking Bill Bill 147 of 2007-08 House of Commons Library Research Paper 08/77 | |
| 30.09.2008 | Dormant 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. | |
| 12.03.2008 | Animals Act 1971 (Amendment) Bill [Bill 18 of 2007-08] |
| [Bill 18 of 2007-08] | |
| 04.03.2008 | Private Equity (Transfer of Undertakings and Protection of Employment) Bill 2007-08 |
| Private Equity (Transfer of Undertakings and Protection of Employment) Bill. House of Commons Library Research Paper 08/23. | |
| 19.02.2008 | Banking (Special Provisions) Bill |
| Banking (Special Provisions) Bill. (Bill 73 of 2007-08). House of Commons Library Research Paper 08/19. | |
| 23.11.2006 | Investment Exchanges and Clearing Houses Bill [Bill 4 of 2006-07] |
| 17.06.2005 | Regulation of Financial Services (Land Transactions) Bill (Bill 7 of 2005-06) |
| Regulation of Financial Services (Land Transactions) Bill (Bill 7 of 2005-06). House of Commons Library Research Paper 05/50 | |
| 10.08.2004 | Companies (Audit Investigations and Community Enterprise) Bill (HL) (Bill 142 of 2003/04) |
| Companies (Audit Investigations and Community Enterprise) Bill (HL). House of Commons Library Research Paper 04/62. | |
| 12.12.2003 | Child Trust Funds Bill (Bill 1 2003/04) |
| Child Trust Funds Bill (Bill 1 2003/04). House of Commons Library Research Paper 03/90. | |
| 28.03.2003 | Crime (International Co-operation) Bill (HL) (Bill 78 of 2002/03) |
| The Crime (International Co-operation) Bill (HL). (Bill 78 of 2002/03). House of Commons Library Research Paper 03/30. | |
| 19.11.2001 | Anti-Terrorism Crime and Security Bill, Parts I,II,VIII,IX and XIII:Property security and crime (Bill 49 of 2001-02) |
| Anti-Terrorism Crime and Security Bill, Parts I,II,VIII,IX and XIII:Property security and crime (Bill 49 of 2001/02). House of Commons Library Research Paper 01/99. | |
| 29.10.2001 | Proceeds of Crime Bill (Bill 31 of 2001-02) |
| Proceeds of Crime Bill (Bill 31 of 2001/02). House of Commons Library Research Paper 01/79. | |
| 24.06.1999 | Financial 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. |
