The Financial Services (Banking Reform) Bill (the Banking Reform Bill) has had its second reading in Parliament. There were also motions that:

  • the Bill should be heard by a Public Bill Committee, and this stage should ideally finish by 18 April;
  • some of the costs of the Bill should be met by regulators charging fees to help Treasury comply with its international obligations. This was agreed; and
  • if the Bill did not complete its Parliamentary process during the current Parliamentary session, it should carry over to the next. This was agreed.

The Public Bill Committee stage will start on 18 March. (Source: Banking Reform Bill Second Reading)