On 20 January 2016, the House of Lords held the third reading of the Bank of England and Financial Services Bill 2015-16.

The Bill will make reforms to the governance of the Bank of England (BoE) and general financial services reforms.  Among other things, it will end the status of the PRA as a subsidiary of the BoE and establish a Prudential Regulation Committee (PRC) in the BoE to exercise the functions of the PRA.  The Bill will also make amendments to the senior managers and certification regime.

The first reading of the Bill in the House of Commons was on 19 January 2016.  The date for the second reading is Monday 1 February 2016.