Treasury - First Report
Financial Services Bill

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Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 30 May 2012.

Contents

Terms of Reference

Summary

Conclusions and recommendations

1 Introduction

Purpose of this Report

The Government's proposals and Treasury Committee scrutiny

Government handling of the Bill

Timetable and Bill structure

Inadequate time for scrutiny

2 Bank of England

The accountability and corporate governance of the Bank of England

The office of the Governor of the Bank of England

Chancellor's power of direction

Financial Policy Committee and the Monetary Policy Committee

Stronger parliamentary scrutiny of the macroprudential tools

Majority of external members

Financial Stability indicators

Power to meet jointly

FPC response to HMT remit

3 Financial Conduct Authority

The FCA's strategic and operational objectives

Prudential Regulation Authority and competition

Accountability of the FCA

PRA veto over the FCA

Cost benefit analysis of financial regulation

Formal Minutes

List of Reports from the Committee during the current Parliament

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Prepared 31 May 2012