The House of Lords Delegated Powers and Regulatory Reform Committee (HL) has published the 11th Report of Session 2015-16 relating to the Bank of England and Financial Services Bill. The Bill contains provisions to amend the governance of the Bank of England, to the extent that the Prudential Regulation Authority becomes a part of the Bank of England as opposed to a subsidiary. It also gives the Treasury additional rights relating to resolution planning, makes provision for the issue of Scottish and Irish bank notes, makes amendments to the senior managers regime and extends the scope of the government’s pensions guidance scheme. The Report highlights and comments on regulations in connection with FCA/PRA rules (Clause 19) and regulations about the issuing of banknotes (Clause 26) in particular.
Line by line examination of the Bill took place during the first day of the committee stage on 9 November. Amendments discussed covered clauses 1, 3, 5, 6 and 9-11 of the Bill.
The committee stage continues on 11 November when further amendments will be discussed.