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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

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

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