Financial Services (Banking Reform) Bill - Lords Library Note

Published 19 July 2013 | Library notes LLN 2013/021

Amended 22 July 2013

Authors: Ian Cruse

Topic: Financial institutions, Financial services

The Financial Services (Banking Reform) Bill seeks to make a number of changes to the banking and financial services sector. The Bill builds on the recommendations of the Independent Commission on Banking (the Vickers Commission) and the Parliamentary Commission on Banking Standards and follows a series of Acts passed since the financial crisis of 2008, such as the Financial Services Act 2012. The Bill sets out a new structure for banking with a central element being the ‘ring-fencing’ of banks which separates retail deposit and lending from investment banking operations. This Library Note provides a précis of the report stage and third reading of the Bill in the House of Commons. The Note should be read in conjunction with two House of Commons Library Research Papers: Financial Services (Banking Reform) Bill (28 February 2013, RP 13/15), which contains more detailed information on the background to the Bill, and Financial Services (Banking Reform) Bill: Committee Stage Report (25 June 2013, RP 13/40), which summarises the second reading and committee stage in the House of Commons. House of Commons Library Standard Note, LIBOR, Public Inquiries & FSA Disciplinary Powers (2 May 2013, SN/BT/6376), also offers useful background commentary relevant to the Bill.

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