The UK government has published its latest consultation document on regulatory reform, which includes a draft of the Financial Services Bill and explanatory notes and builds on the Government’s initial thinking set out last July and a further consultation document which followed in February 2011. It contains a number of new policy proposals which have been developed in response to feedback including: (i) a specific statutory objective governing the Prudential Regulatory Authority’s responsibilities for the insurance sector; (ii) the Financial Policy Committee to take economic growth into account in pursuing financial stability, recognising that stability will generally be an important enabler of growth; (iii) an updated and enhanced competition regime under the Financial Conduct Authority (FCA). The FCA will have a specific new competition power to require the Office of Fair Trading to consider whether structural barriers or other features of the market are creating competitive inefficiencies in specific markets; and (iv) steps to strengthen the handling of cases of widespread consumer detriment, including misselling.