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Today, the Government published a White Paper and draft Bill setting out its detailed blueprint for reform of financial regulation in the UK.  The White Paper also poses further questions for consultation, and provides a summary of responses to the earlier consultation published in February

The draft Bill will undergo 12 weeks of pre-legislative parliamentary scrutiny once a scrutiny committee has been established. The consultation on the White Paper closes on 8 September 2011, and it is envisaged that a Bill will be introduced into Parliament before the end of this year.

This briefing highlights the key points of the White Paper and the next steps.

Click here for our briefing

Click here for the consultation questions

Click here for a diagram of the regulatory structure

Click here for our response to HM Treasury's February consultation paper

Next steps  

Summer

  • Paper setting out PRA approach to supervision of insurers to be published (20 June)
  • Paper setting out FCA's regulatory philosophy to be published (expected shortly)
  • Consolidated version of the amended Financial Services and Markets Act 2000 to be published (expected as soon as possible)
  • Pre-legislative scrutiny to take place (week commencing 27 June until November 2011)
  • FPC to publish first Financial Stability Report (24 June)
  • Paper detailing coordination of PRA and FCA to be published

September

  • Deadline to respond to White Paper consultation questions (8 September)

Later in 2011

  • Bank of England and FSA document on operational coordination to be published
  • Government's response to consultation on transfer of responsibility for consumer credit regulation from OFT to FCA to be published

Before end 2011

  • 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

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The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.