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Financial Services (Implementation of Legislation) Bill [Lords]

Part of the debate – in the House of Commons at 6:16 pm on 11th February 2019.

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Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General 6:16 pm, 11th February 2019

I am pleased to report that the Bill, as amended in the other place, allows for reporting in respect of the statutory instruments on a six-monthly basis—that commitment is in the Bill—and that there will be four periods in total. The first period of six months will commence from the moment the Bill receives Royal Assent. The report will both look backwards at the powers that have been exercised up until that point and forwards to those powers that may be exercised in the coming period. As to other organisations, such as the Bank of England, there will be a requirement for annual reporting on the basis of the measures undertaken by those regulatory organisations.