Joint Parliamentary Committee reports on pre-legislative scrutiny of draft Financial Services Bill 2011

03 February 2012

Today, the Joint Committee appointed by both Houses of Parliament to conduct pre-legislative scrutiny of the draft Financial Services Bill 2011, reported on its examination of the Bill. The report is critical of many aspects of the Bill as not going far enough, and recommends a number of significant amendments to the objectives, powers and accountability of the new regulators. This briefing summarises the recommendations.

Click here for our briefing which highlights the key aspects of the draft Bill.

Click here for our diagram which illustrates the new regulatory architecture.

Next steps Q1 2012

Government's response to consultation on transfer of responsibility for consumer credit regulation from OFT to FCA to be published (delayed, originally expected in 2011)
Paper detailing coordination of PRA and FCA to be published (delayed, originally expected Summer 2011)
Revised draft Bill to be published
Bill to be presented to Parliament

End Q1 2012

Bill committee stage

By end 2012

Bill to receive Royal assent

By early 2013

Full implementation of new regulatory architecture

Article tags

accountability draft legislation fca financial conduct authority financial services bill fsa joint parliamentary committee objectives powers regulatory reform

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Key contacts

Karen Anderson

Consultant, London

Susannah Cogman

Partner, London

Elizabeth Head

Of Counsel, London

Marina Reason

Partner, London

Kelesi Blundell

Partner, London

Hywel Jenkins

Partner, London

Chris Ninan

Partner, London

Jon Ford

Partner, London

Clive Cunningham

Consultant, London

Simone Hui

Of Counsel, Hong Kong

Chee Hian Kwah

Director, Prolegis LLC, Singapore

Valerie Tao

Knowledge Lawyer, Hong Kong

Cat Dankos

Senior Regulatory Consultant, London

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