Bank of England Bill: technical consultation

The Financial Services Act 2012 fundamentally reformed the UK’s system of financial regulation, learning the lessons of the failed tripartite system and creating a set of new regulators with clear responsibilities and objectives. These reforms placed the Bank of England at the centre of the new system and granted it significant new powers and responsibilities.

The government and the Bank are committed to building on the success of these reforms and ensuring that the Bank is on the best possible footing to oversee its expanded remit. To this end, a new Bank of England Bill was announced alongside the Queen’s Speech, and the government has today published a technical consultation document setting out the reforms that will be brought forward.