Banking Reform Bill continues in Parliament: The Financial Services (Banking Reform) Bill (the Banking Reform Bill) has had its third reading in the House of Lords and returned to the Commons for the "ping-pong" stage to agree all provisions. Treasury produced a briefing for Peers ahead of the reading, explaining the main amendments and additions. It highlighted:

  • the payday lending cap;
  • the certification regime for bank senior management and its application to foreign branches;
  • the FCA Consumer Panel's role;
  • a review by PRA of the extent to which authorised persons carry on proprietary trading to be carried out within one year of the ring-fence taking effect, and a general review of the ring-fence within two years of its taking effect;
  • requirements to hold and document meetings with auditors; and
  • provisions allowing for recouping of costs related to complaints against claims management companies.

A briefing note on the Lords stages followed.

(Source: Treasury Briefs on Banking Reform Bill, Briefing Note on Lords Stages and Banking Reform Bill Continues in Parliament)