Speech

Queen's Speech: Financial Services Regulation Bill

Notes on: "Legislation will reform the framework for financial services regulation to learn from the financial crisis."

From:
Prime Minister's Office, 10 Downing Street and Her Majesty the Queen
Published
25 May 2010
This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government
Delivered on:
(Speaker's notes, may differ from delivered version)

The purpose of the Bill

  • The Bill would give the Bank of England control of macro-prudential regulation and oversight of micro-prudential regulation.

The main benefits of the Bill

  • To ensure that aggregate risk and imbalances in the economy are properly monitored and managed, thereby helping maintain financial stability.

The main elements of the Bill

  • Reforming the regulatory framework so that the Bank of England is responsible for macro-prudential regulation, and has oversight of micro-prudential regulation.
  • HM Government Coalition Programme, 20 May 2010
  • Coalition Agreement, 11 May 2010
  • Change for the Better, Conservative Paper, April 2010
  • Plan for Sound Banking, Conservative Paper, July 2009

Existing legislation in this area is

  • Financial Services Act 2010
  • Banking Act 2009
  • Financial Services and Markets Act 2000

Devolution

The Bill applies to the UK. All provisions relate to financial services and are therefore reserved.

Updates to this page

Published 25 May 2010