Research Briefing
This note outlines the background to and scope of the financial services compensation scheme (FSCS). Significant changes were made to the scheme in the summer of 2007 following the emergence of financial difficulties at the Northern Rock bank and in October 2008 following continued difficulties in the UK banking sector.
Research Briefing
Summarises responses from individual European governments and from the EU.
Research Briefing
This Paper is a summary of many of the financial services legislative initiatives announced by the EU in the immediate aftermath of the financial crisis in 2008/9.
Research Briefing
The purpose of the Bill is to amend existing legislation governing the relationship between insurers and claimants, with specific regard to 'third parties', to make it easier and less expensive to claim compensation from insolvent defendants. Current legislation dictates that claimants must establish an insolvent defendant's liability before bringing a separate claim against their insurer. The Bill would enable claimants to sue the insolvent defendant's insurer directly, without having to sue the wrongdoer first. The Bill's provisions are largely uncontroversial, and have widespread support from the majority of stakeholders.
Research Briefing
The purpose of the Bill is to provide a modern and comprehensive scheme of bribery offences to equip prosecutors and courts to deal effectively with bribery in the UK and abroad. It replaces old and fragmented legislation with a modern and consolidated bribery law. The Bill creates offences of offering, promising or giving of a bribe and requesting, agreeing to receive or accepting of a bribe either in the UK or abroad, in the public or private sectors. It also creates a discrete offence of bribery of a foreign public official in order to obtain or retain business, and a new offence in relation to commercial organisations which fail to prevent a bribe being paid by those who perform services for or on behalf of the organisation.
Research Briefing
The Bill requires new industrial and provident societies (other than credit unions) to be registered as co-operative or community benefit societies, re-names the Industrial and Provident Societies Acts, and applies the Company Directors Disqualification Act 1986 to industrial and provident societies. The Bill also gives the Treasury powers to apply company law on the investigation of companies, company names and dissolution and restoration to the register, to industrial and provident societies, and to make provisions for credit unions corresponding to any provisions applying to building societies.
Research Briefing
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.
Research Briefing
This is the third piece of financial services legislation since 2007 to respond to the banking and financial crisis. It does however, include other measures designed to improve the position of financial services customers. It creates a Council for Financial Stability to co-ordinate the responsibilities and action of the Bank, FSA and Treasury with respect to financial stability matters. It enhances and extends the powers of the FSA and gives it new duties. Lastly, amongst other consumer protection measures, it provides for collective consumer legal action to be taken in cases of multiple claimants against financial companies. The Bill applies to the whole of the UK.
Research Briefing
This note summarises the proposals put forward in two documents that address the issue of reforms to the regulation of the financial services sector post credit crunch.
Research Briefing
This note sets out the events surrounding the collapse of several Icelandic banks with branches in the UK. It looks at compensation arrangements and the impact of default on other groups.
Research Briefing
This note describes a Private Members Bill, introduced by Malcolm Wicks MP, with government support, to modernise industrial provident societies and other third sector business forms.
Research Briefing
The global financial crisis has been tumultuous for Iceland. Until recently considered a rich, successful and competitive nation, Iceland suffered a dramatic collapse of its economy and currency following the collapse of its banking sector in October 2008. It was forced to negotiate a loan from the IMF and further financial support from a number of countries, and saw the fall of its government. The crisis has led to renewed suggestions that Iceland may apply to join the EU and adopt the euro. Following the Government's fall in January 2009, a caretaker Government took over in February and elections are expected on 25 April 2009. The major partner in the caretaker left-wing coalition, the Social Democratic Alliance, was a member of the previous administration and is strongly pro-EU, but its new partner, the Left Green Movement, has said it will continue to oppose EU membership.
Research Briefing
This short note describes what legal tender means and what determines the acceptability, or otherwise, of Scottish banknotes in the rest of the United Kingdom.
Research Briefing
This short Bill establishes a government subsidised savings scheme for people of working age on low incomes. The Saving Gateway has been trialled in several regions; the Bill establishes a scheme for the whole of the country.
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