The Treasury Committee has formally published its report setting out its main concerns about the Financial Services Bill (FS Bill) and suggesting some remedies. The key concerns include:
- a statutory duty for the Court of the Bank of England (BoE) to undertake retrospective reviews of BoE’s performance;
- making competition an objective of the Prudential Regulation Authority (PRA); and
- ensuring Parliament can request retrospective reviews of the Financial Conduct Authority’s (FCA) work.
See FReD 1 June for further information on this report, which was originally published two weeks ago in error. (Source: Report of Session on FS Bill)