'A dog's breakfast': Labour peer's verdict on upcoming FS Bill

The Financial Services Bill has been branded a 'dog's breakfast' by a prominent Labour peer and criticised for being put together too quickly.

Scheduled to gain Royal Assent by the end of this year, the Bill will split up the Financial Services Authority, creating a twin-peaks regime, and hand more power to the Bank of England. During the Bill's second reading in the House of Lords yesterday, Lord Eatwell, the opposition spokesperson for Treasury and Economic Affairs, said the bill failed the key tests of accountability, clarity, efficiency and transparency. "The Bill is unnecessarily complicated because, instead of drafting a new template for the financial services industry, superseding all past relevant Acts and incorporat...