On 7 September 2022, the Financial Services and Markets Bill had its Second Reading in the House of Commons.

Key points in the debate include:

  • The Government has no plans to merge the FCA and the PRA.
  • The Government welcomes the recommendations of the Independent Panel of Ring-fencing and is committed to publishing a Government response later this year.
  • The Government’s intention is to bring forward an intervention power that will enable HM Treasury to direct a regulator to make, amend or revoke rules where there are matters of significant public interest. The Chancellor will take a final decision on the precise mechanics of the power and the Government will table an amendment in Committee.

The Bill has also been committed to a Public Bill Committee. The first sitting of the Committee is expected to be on 20 September 2022. It is scheduled to report by 25 October 2022. The Committee is now accepting written evidence on the Bill. When the Committee concludes its consideration of the Bill it is no longer able to receive written evidence and it can conclude earlier than the expected deadline of 5:00pm on 25 October 2022. Those wishing to submit written evidence are strongly advised by the Committee to provide it as soon as possible.