Have your say on the Bank of England and Financial Services Bill

02 February 2016

Do you have relevant expertise and experience or a special interest in the Bank of England and Financial Services Bill, which is currently passing through Parliament?

If so, you can submit your views in writing to the House of Commons Public Bill Committee which is going to consider this Bill.

Aims of the Bill

The Bank of England and Financial Services Bill 2015–16 introduces provisions to amend governance and accountability arrangements at the Bank of England (the Bank), expand the scope of and make changes to the Senior Managers and Certification Regime, permit the extension of the Government’s Pension Wise service, and allow for some flexibility to change which legal entities are authorised to issue commercial banknotes in Scotland and Northern Ireland.

Purpose of the Bank of England and Financial Services Bill

  • Amend the membership of the Bank of England’s (‘The Bank’) Court of Directors (‘The Court’), abolish the oversight committee, and allow the Court to assign responsibility of the Bank’s financial stability strategy to the most appropriate section(s) of the Bank (clauses 1–5).
  • Change the membership and procedures of the Bank’s Financial Policy Committee (FPC) and the Monetary Policy Committee (MPC), including a reduction in the MPC’s number of meetings a year (down from twelve to eight), and alterations to the MPC’s publishing requirements (clauses 6–8).
  • Introduce new auditing and information-sharing requirements upon the Bank, which will give HM Treasury and National Audit Office greater oversight of the Bank’s operation and performance (clauses 9–11).
  • Confer upon the Bank the role of Prudential Regulation Authority (PRA), ending the existence of the current external body acting as the PRA and introducing a Prudential Regulation Committee within the Bank to take responsibility for these duties (clauses 12–15).

Follow the progress of the Bank of England and Financial Services Bill

The Bank of England and Financial Services Bill was initially presented in the House of Lords and completed its Parliamentary stages there on 19 January 2016. The Bill arrived in the House of Commons on 19 January 2016 and had its second reading debate on 1 February 2016.

This Bill has now been committed to a Public Bill Committee which is expected to hold its first meeting on Tuesday 9 February. Further dates will be agreed once the Bill Committee has met, although Bill Committees usually meet on Tuesdays and Thursdays.

Please note, there are no oral evidence sessions scheduled.

The Public Bill Committee is expected to finish and report the Bill to the House by Tuesday 23 February 2016.

Deadline for submissions

The Public Bill Committee is now able to receive written evidence. Your submission should be emailed to scrutiny@parliament.uk The sooner you send in your submission, the more time the Committee will have to take it into consideration.

The Committee is expected to meet for the first time on Tuesday 9 February; it will stop receiving written evidence at the end of the Committee stage on Tuesday 23 February 2016.

Please note that when the Committee reports it is no longer able to receive written evidence and it can report earlier than the expected deadline of 5.00pm on Tuesday 23 February 2016.

For further details on how to submit evidence to public bill committee please refer to the Guidance on submitting written evidence.

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