Have your say on the Financial Services Bill
10 November 2020
Do you have relevant expertise and experience or a special interest in the Financial Services Bill 2019-21, 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.
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The Public Bill Committee is now able to receive written evidence. The sooner you send in your submission, the more time the Committee will have to take it into consideration. The Public Bill Committee will scrutinise the Bill line by line. The first sitting of the Public Bill Committee will be on Tuesday 17 November and the Committee is scheduled to report by Thursday 3 December 2020. However, please note that when the Committee concludes its consideration of the Bill it is no longer able to receive written evidence and it can conclude earlier than the expected deadline of 5.00pm on Thursday 3 December 2020. You are strongly advised to submit your written evidence as soon as possible. |
Introduction
Financial services contributed £75.5 billion in UK tax revenue in 2018/19, employing around 1.1 million people. The 2019 Queen’s Speech background paper expressed a desire to bring forward, in the upcoming parliamentary session, legislation to:
- Ensure that the UK maintains its world-leading regulatory standards and remains open to international markets after we leave the EU.
The Bill, Explanatory Notes, Delegated Powers Memorandum, Human Rights Memorandum and Impact Assessment have been published on the Bill page. The Bill’s stated objectives are to:
- enhance the UK’s world-leading prudential standards and promote financial stability;
- promote openness between the UK and international markets; and
- maintain an effective financial services regulatory framework and sound capital markets.
The Bill takes an incremental approach, introducing technical reforms in these areas. The Treasury has consulted on some of the areas of the Bill but the responses to these consultations have not yet been published.
More details on the provisions on the Bill, and the areas covered, can be found in this briefing from the House of Commons Library.
Follow the progress of the Financial Service Bill
The Financial Services Bill 2019–21 was introduced to the House of Commons on 21 October 2020. Second reading was held on 9 November 2020.
- Bills before Parliament: Financial Services Bill 2019–21
- Read Explanatory Notes: Financial Services Bill 2019–21
- House of Commons Library Briefing Paper
Oral evidence sessions are expected to be held on 17 and 19 November.
Deadline for written evidence submissions
The Public Bill Committee is now able to receive written evidence. The sooner you send in your submission, the more time the Committee will have to take it into consideration and possibly reflect it in an amendment. The order in which amendments are taken in Committee will be available in due course under Selection of Amendments on the Bill publications page. Once the Committee has dealt with an amendment it will not revisit it.
The first sitting of the Public Bill Committee will be on Tuesday 17 November 2020 and the Committee is scheduled to report by Thursday 3 December 2020. However, please note that when the Committee concludes its consideration of the Bill it is no longer able to receive written evidence and it can conclude earlier than the expected deadline of 5.00pm on Thursday 3 December 2020. You are strongly advised to submit your written evidence as soon as possible.
Your submission should be emailed to scrutiny@parliament.uk.
Further guidance on submitting written evidence can be found here.
Image: Parliamentary Copyright