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Duplication is main concern for new bill

Joint committee on the draft Financial Services Bill member Lord Newby says his main concern will be ensuring there is no duplicate regulation between the Prudential Regulation Authority and the Financial Conduct Authority.

The committee, which was set up to scrutinise the Government’s proposed regulatory changes, consists of six MPs and six lords.

The Government’s draft bill, published in June, sets out its plans to split the FSA into the FCA and the PRA and set up the Financial Policy Committee.

The bill will now go through 12 weeks of pre-legislative scrutiny before the committee reports by December 1.

Speaking to Money Marketing, Liberal Democrat Treasury spokesman in the Lords Lord Newby says: “There will be two regulators where now there is one and there is a danger that they will end up trampling over the same field and we will end up with duplicate regulation.”

Conservative peer and committee member Baroness Wheatcroft says her main focus will be the Independent Commission on Banking’s final proposals and how they will fit into the bill.

She says: “If the Government accepts the ICB’s final proposals, they are likely to be included in this bill, so I will be looking closely at that.”

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