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Queen’s Speech gives Bank of England new powers

Few details from the government on fate of the FSA

Queen's speech

The Financial Services Regulation Bill, announced today in the Queen’s Speech, will hand greater powers to the Bank of England to oversee macro-regulation of the UK’s banking system.

According to the government, the main benefits of the Bill will be to ensure that risk and imbalances in the economy are properly monitored and managed, thereby helping maintain financial stability.

No announcements on proposed banking levy

Despite rumours that the Queen’s Speech would include details of a new banking levy, this was not mentioned at all in the Queen’s 8-minute speech. The coalition’s programme for government, published last week, had included plans to not only introduce a banking levy, but also to tackle unacceptable bonuses in the financial services sector.

There was also little detail about the future of the Financial Services Authority (FSA), which is likely to see its reach reduced by the transfer of extra regulatory powers to the Bank of England.

Which? will bring you analysis of the new banking measures as details are released by the government. 

More from the Queen’s Speech

We’ve got more coverage on today’s announcements, including news that:

  • state pensions will rise in line with earnings from April 2011 as part of a new Pensions and Savings Bill;
  • almost a million people who lost their savings in the Equitable Life scandal will be paid compensation;
  • the new Energy Bill aims to improve energy efficiency and promote low carbon energy production.

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