Financial Services Bill : Committee Stage Report

This is a report on the Committee Stage of the Bill. The Bill creates a Council for Financial Stability to co-ordinate the responsibilities and action of the Bank of England, Financial Services Authority (FSA) and Treasury with respect to financial stability. It also provides for collective consumer legal action to be taken in cases of multiple claimants against financial companies. The key debate at Committee Stage was on the structure of the regulatory system and the establishment of the Council for Financial Stability. One Government amendment was made to the Bill, which emphasised that the Bill had no retrospective impact upon executive remuneration contracts.