FINANCIAL
SERVICES AND MARKETS ACT 2000:
RECENT DEVELOPMENTS
Bulletin
number eight from HM Treasury
This is
the eighth bulletin covering developments on the Financial
Services and Markets Act 2000 (FSMA).
N2
Economic
Secretary to the Treasury, Ruth Kelly today announced that
the Financial Services Authority (FSA) will become the single
statutory regulator under the Financial Services and Markets
Act 2000 (FSMA) with effect from midnight 30 November 2001.
Speaking
at a business breakfast this morning, with FSA Chairman Sir
Howard Davies and key industry and consumer representatives,
Ruth Kelly said:
“My predecessor
made a commitment that N2 – the date for the commencement
of the main provisions of the Financial Services and Markets
Act 2000 – would be no later than the end of November 2001.
I am delighted to honour that commitment today.
“FSMA
will, for the first time, unite a wide array of legislation
and supervisory bodies under one statutory regulator. The
FSA will be a single point of contact for firms. Alongside
this will operate the Financial Ombudsman Service to deal
with customer complaints. This will bring much needed clarity,
certainty and transparency to the industry and consumers alike.”
The Treasury
will shortly be making the statutory instrument which allows
firms’ authority under old law to do financial services business
to be “grandfathered” across into permissions to do equivalent
business once FSMA commences. Ruth Kelly said:
“FSA powers
to consider applications from financial services firms to
modify their grandfathered permissions; grant new permissions;
and other matters including waivers from the new FSA rules,
will commence on Monday 3 September.”
Sir Howard
Davies, welcoming these announcements, said:
"N2
has been a long time coming. But the advantage is that
there has been
time to
prepare properly. We will be ready to switch on the
new regime at
the end
of November, thanks in large part to the invaluable co-operation
and
patience
of firms, their trade associations and consumer groups."
FSMA and the Treasury Website
Click
on the links below to access the press notice and all other
relevant information:
