The Financial Supervision Commission has issued a draft Financial Services Bill for comment as part of proposals to " consolidate and review all the regulatory legislation under which it operates".

It follows support received from the financial services industry for its preliminary consultation.

The FSC says the Bill incorporates new provisions governing the structure and remit of the Commission and seeks to consolidate and modernise the relevant regulatory legislation into "a convenient and easily accessible framework".
The Bill also seeks to strengthen the mechanisms for ensuring that the Commission is accountable for its actions by setting out its functions and objectives clearly and laying down principles it must take into account in carrying these out. And the Bill will aim to formalise existing accountability mechanisms, such as the publication of an Annual Report and adds new ones, including an obligation for the Commission to act in furtherance of policies and strategies set by Treasury.

There are more details on the Commission's website.