- Enterprise & productivity
- Financial services
- International issues
- Public private partnerships
- Public spending & reporting
- Taxation, work and welfare
- UK economy
On 19 November 2009 the Chancellor of the Exchequer introduced the Financial Services Bill into Parliament. The Bill, which reforms financial services regulation and contains provisions to improve redress for consumers, and financial education and awareness, received Royal Assent on 8 April 2010. The Act includes:
The Government has also established a new Council for Financial Stability. It focuses on managing systemic risk and protecting financial stability, both in the UK and internationally. The Council will be chaired by the Chancellor and will include the Chairman of the Financial Services Authority (FSA) and the Governor of the Bank of England.
The Financial Services Act contains many of the proposals that were set out in the Government’s Reforming financial markets paper published in July 2009. The paper presents the Government’s analysis of the causes of the financial crisis, and sets out a series of proposals for reforming financial market regulation and consumer protection.
The Government asked for views in relation to specific proposals for primary legislation as well as more general areas for discussion. More than 100 responses were received, and meetings and workshops held with a wide range of stakeholders. The Government’s subsequent analysis is set out in its response to the consultation.