• Research Briefing

    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.

  • Research Briefing

    Competition and the banking crisis

    This note sets out to: provide information on state aid rules and assistance to the financial sector; explain some of the competition concerns relating to the banking crisis; and set out briefly the powers of the competition authorities to address such concerns.

  • Research Briefing

    Financial Services Bill. Bill 6 2009-10.

    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

    Icelandic Bank Default

    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

    Proposals to reform financial regulation

    This Note provides a summary of the reforms recommended in the Turner Review, the European Commission's de Larosiere report, documents produced by the Basel Committee on Banking Supervision and a range of reports produced by the Financial Stability Forum/Financial Stability Board.

  • Research Briefing

    Iceland’s financial crisis

    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

    Scottish banknote issuance

    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.