HM Treasury also publishes new policy document and supporting secondary legislation
The Government has today introduced the Financial Services Bill to Parliament. The draft Bill is here. The Explanatory Notes are here. Other Bill documents are here.
A policy document, “A new approach to financial regulation: securing stability, protecting consumers“ that supports the draft Bill has also been published.
The draft Bill also announces the Government’s intention to move consumer credit legislation to the new Financial Conduct Authority.
Some secondary legislation and other documents supporting the draft Bill has also been published, including a Memorandum of Understanding on crisis management which sets out the arrangements that the Treasury and the Bank of England will put in place to manage potential financial crises.
Today’s HM Treasury press releases (here and here) state that, subject to the parliamentary timetable, “the Government’s aim is for the Bill to gain Royal Assent by the end of 2012, and for the new system to be operational in early 2013″.
See also: Head of Financial Conduct Authority on how regulation will be delivered in the future
Treasury Select Committee recommendations for the Financial Conduct Authority
The proposed structure of UK financial regulation: The Financial Conduct Authority
Government publishes financial regulation White Paper and draft Bill
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