On 19 December 2011 the House of Lords and House of Commons Joint Committee on the draft Financial Services Bill (the Bill) published its report and recommendations (the Report) on the Bill. The press release that accompanied the Report is here.
The Bill, which remains in first draft, will implement a new structure of financial regulation in the UK. We discussed the Bill and its accompanying White Paper in this post in June 2011, and looked in more detail at the powers of the proposed Financial Conduct Authority (the body that will be of most interest to Corporate lawyers) in this post.
The Report contains a series of recommendations for changes to the Bill as currently drafted and to the powers, objectives and responsibilities of the three financial regulatory bodies that the Bill will establish – the Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority.