|
Financial Services
and Markets Act 2000
Administration Orders
for Insurers
Consultation
Preface
The Financial
Services and Markets Act 2000 ("FSMA"), which received
Royal Assent on 14 June 2000, establishes a new, single regime
for the statutory regulation of financial services in the United
Kingdom and establishes the Financial Services Authority ("the
FSA") as the single statutory regulator.
Section
360 of FSMA gives the Treasury power to modify Part II (Administration
Orders) of the Insolvency Act 1986 to allow insurers to be placed
into administration. The Treasury proposes to make use of this
power early in 2002.
This consultation
document provides details of how we propose to exercise this
power. It seeks responses to three broad aspects of our approach:
- The extent
of administration orders for insurers
- The scope
of administration orders for insurers
- The purposes
for which administration orders should be granted for insurers
file
of full document
back
to Consultation index
|
