One of the main measures in the bill will make the Bank of England responsible for protecting the stability of the UK's financial systems.

BBC: MPs pass Finance Services Bill at second reading

The accountability of the Bank of England governor, who gains sweeping new powers under the bill, would be enhanced were Parliament to have a veto on the his or her appointment, he said.

BBC: MPs pass Financial Services Bill

The bill also creates a new high-powered council bringing together the Bank of England, the Treasury and the FSA in an effort to improve coordination to avert another banking crisis.

BBC: Financial Services Bill