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New UK bank resolution law nears completion after key parliamentary step

By Sofia Gerace ( April 24, 2025, 15:05 GMT | Insight) -- A new law to allow the Bank of England to use funds from the banking industry to manage a bank failure has advanced in Parliament, following approval of its final version today by the House of Commons. The Bank Resolution (Recapitalisation) Bill — developed in response to the collapse of Silicon Valley Bank and its UK subsidiary — would allow the Financial Services Compensation Scheme to provide funds to the BOE to cover the costs associated with bank failures.A new law to allow the Bank of England to use funds from the banking industry to manage a bank failure has advanced in Parliament, after members of its lower chamber agreed on a final version today. The law had been discussed by a committee in recent months....

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