The House of Lords held the third reading of the Financial Services (Banking Reform) Bill 2013-14. Key changes included the following:

• a requirement on the PRA to conduct a review of proprietary trading, which is expected to take place in 2020;
• further amendments to the licensing regime for banks and PRA-authorised investment firms;
• a requirement on the FCA to impose a cap on the cost of payday loans; and
• requirements on the PRA and the FCA to meet with the auditors of PRA-authorised firms that the PRA considers to be important to UK financial stability.

The Bill has now passed onto the House of Commons for consideration whereby further debate (“ping pong”) is scheduled in for 11 December 2013.

View Financial Services (Banking Reform) Bill: third reading, 9 December 2013

View Consolidated version: Lords amendments to the Financial Services (Banking Reform) Bill, 9 December 2013

View Explanatory notes on Lords amendments on the Financial Services (Banking Reform) Bill, 9 December 2013