The Joint Committee appointed by both Houses of Parliament to conduct pre-legislative scrutiny of the draft Financial Services Bill has issued a call for written evidence to be submitted by Friday 2 September 2011.  This is an important opportunity for the industry to share its concerns with Parliament, and to help shape the final form of the legislation.

The Joint Committee comprises six Members of Parliament and six Peers. It is seeking views on 22 questions and additional comments on whether the draft legislation will (or could better):

  • Prevent another financial crisis
  • Handle another financial crisis
  • Deal with a bank failure
  • Increase or decrease the risk of regulatory arbitrage

The Committee will also take oral evidence and will make recommendations in a report to both Houses by 1 December 2011.

Click here for our briefing which highlights the key points in the White Paper accompanying the draft Bill, and here for HM Treasury's consultation questions.  

Summer

  • Pre-legislative scrutiny of draft bill to commence
  • Paper detailing coordination of PRA and FCA to be published

September

  • Deadline to respond to FCA regulatory approach paper (1 September) (click here for our briefing)
  • Deadline to respond to Joint Committee call for evidence (2 September)
  • Deadline to respond to HM Treasury consultation questions (8 September)

Later in 2011

  • Government's response to consultation on transfer of responsibility for consumer credit regulation from OFT to FCA to be published

December

  • Joint Committee to publish report on scrutiny of draft Bill (1 December)

Before end 2011

  • Bill to be presented to Parliament

End Q1 2012

  • Bill committee stage

By end 2012

  • Bill to receive Royal assent

By early 2013

  • Full implementation of new regulatory architecture