On 8 June, the Treasury Select Committee published a report setting out its main concerns on the Financial Services Bill. Report.

In particular, it called for amendments to the Bill which would:

• Oblige the Court of the Bank of England to undertake retrospective reviews of the Bank of England’s performance;
• Give a general power to the Chancellor of the Exchequer to direct the bank of England when public funds are at risk;
• Make competition an objective of the Prudential Regulation Authority;
• Ensure Parliament, through the Treasury Committee, may request retrospective reviews of the work of the Financial Conduct Authority’s (“FCA”).

It also considered whether the Treasury Committee should have a role in the appointment and dismissal of the Governor of the Bank of England and whether there is a way of requiring the FCA to publish board minutes. It welcomed the House of Lords to re-examine these issues. The second reading of the Bill in the House of Lords will take place on 11 June 2012.