The Financial Services and Markets Bill reaches the Report Stage in the House of Lords on Thursday, the second to last step in the two year old process before the bill receives Royal Assent.
The Tory and Liberal Democrat parties plan to force debate on a number of areas, with the goal of forcing a vote that will oblige the government to consider amendments to the legislation.
The primary areas of concern to the opposition parties are the separation of the positions of chairman and chief executive both currently held by Howard Davies, provision for parliamentary scrutiny of the FSA, and accountability to the companies that the organisation will be regulating.
According to Lord Saatchi, all the government has to do at this point is to agree to consider the amendments that the opposition raises.
The bill will create the regulatory framework under which the Financial Services Authority will operate. The Government has come under fire for the large number of amendments, 500 in the last two weeks, it has introduced at this late stage in the legislative process.