In July 2013 the Government published a consultation, “Banking reform: draft secondary legislation”, which invited comments on four draft pieces of secondary legislation proposed under the Financial Services (Banking Reform) Bill. The consultation closed on 9 October 2013.
The consultation set out key details on the ring fence, including the scope of the ring fence, the prohibitions on ring-fenced banks’ activities, and on the framework for applying loss absorbency requirements to systemic banks. It also set out provisions to enable expenses incurred by the Treasury as a result of UK participation in international organisations concerned with financial stability or financial services to be reclaimed from the financial services industry.
The Government are today publishing a summary of the responses they received to the consultation. The summary can be found on the Government website. The Government will take into account responses to the consultation document when producing revised and final versions of the secondary legislation.
I am placing copies of this document in the Libraries of both Houses.