Parliamentary Commission on Banking Standards and Parliamentary supremacy: Difference between pages

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(PCBS).
''UK law''.
The historical principle in UK law that the UK Parliament was 'supreme' in its law-making powers.
This principle was fundamentally affected when the UK joined the EU in 1973.


=== Terms of reference ===
Parliamentary supremacy meant that:


The Parliamentary Commission on Banking Standards was established by the UK parliament to:
1) The UK Parliament was able to make UK law as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.


'''A.''' Consider and report on:
2) No UK Parliament could bind its successor.  Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.  


# Professional standards and culture in the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting scandal.
3) The UK courts had to apply the relevant statute law enacted by the UK Parliament.
# Lessons to be learned about:
## Corporate governance.
By joining the EU, UK Parliamentary supremacy was fundamentally affected and it is no longer true to say that only the UK Parliament has the power to make new law for the UK.
## Transparency.
The effect of becoming a member of the EU was to cede the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states.
## Conflicts of interest.
## Their implications for regulation and for UK government policy.


'''B.''' Make recommendations for legislative and other action.
The position now is that: 


__NOTOC__
1) The EU may pass legislation directly for the UK.


=== Final report ===
2) The UK cannot, generally, make laws that conflict with EU law.


The Commission's 2013 report was designed to address:
3) Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law.
 
# Making the individual responsibility of senior bankers a reality.
# Reinforcing each bank's own responsibility for its own soundness and the maintenance of its standards.
# Creating better functioning and more diverse banking markets.
# Reinforcing regulators' responsibility to exercise judgement in deploying their powers.
# Specifying the responsibilities of the UK government.
 
 
The Commission's report setting out its conclusions and recommendations can be downloaded here:
[[Media:PCBS report June 2013.pdf|PCBS final report June 2013]].
 
Subsequently some of the Commission's proposals were incorporated into the Financial Services (Banking Reform) Act 2013.
 
However a number of areas of concern remain to be implemented effectively.
 
 
====Note====
 
The Association of Corporate Treasurers gave both written and oral evidence to the Commission. Justin Welby, a member of the Commission, was Lord Bishop of Durham on his appointment and became the Archbishop of Canterbury before it reported. A former Treasurer of Enterprise Oil, he is a Fellow of the ACT.  




== See also ==
== See also ==
* [[Banking Standards Review]]
* [[European Union ]]
* [[Culture]]
* [[Sovereignty]]
* [[LIBOR]]
 
 
====Other links====
[http://www.parliament.uk/bankingstandards UK Parliament: PCBS]


[[Category:Compliance_and_audit]]
[[Category:Ethics]]

Revision as of 14:20, 23 October 2012

UK law. The historical principle in UK law that the UK Parliament was 'supreme' in its law-making powers. This principle was fundamentally affected when the UK joined the EU in 1973.

Parliamentary supremacy meant that:

1) The UK Parliament was able to make UK law as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.

2) No UK Parliament could bind its successor. Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.

3) The UK courts had to apply the relevant statute law enacted by the UK Parliament.

By joining the EU, UK Parliamentary supremacy was fundamentally affected and it is no longer true to say that only the UK Parliament has the power to make new law for the UK. The effect of becoming a member of the EU was to cede the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states.

The position now is that:

1) The EU may pass legislation directly for the UK.

2) The UK cannot, generally, make laws that conflict with EU law.

3) Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law.


See also


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