An influential commission of MPs has announced when it will scrutinise planned change to the nation’s banking system.
The Parliamentary Commission on Banking Standards will receive the draft Banking Reform Bill the week of 8 October and has been tasked with reporting back on or before 18 December this year.
Commission chairman Andrew Tyrie MP said: “The bill is likely to have a massive impact on the banking industry, not only on the way banks in the UK are structured and the treatment of systemic risk, but also on corporate governance and standards.
“The scandals of recent months have demonstrated the necessity for legislation. We will look carefully at the government’s proposals in the light of them.
“Parliament needs to get this right, not just for the sake of the industry but in the best interests of the economy as a whole and the millions of people who need banks.”