§ 14. Paul FlynnTo ask the Chancellor of the Exchequer what new proposals he has to improve the regulation of financial services. [60351]
§ Ruth KellySince the FSA assumed its statutory powers on 1 December last year, it has been the single authority with responsibility for the regulation of the UK financial services industry, with rule-making powers. By 2004, the FSA will also assume responsibility for the regulation of mortgages and general insurance. The FSA has proposed changes to the polarisation rules that should enhance the benefits of competition and improve access to financial advice for many consumers and is working to ensure that information and disclosure to consumers of endowment mortgages and other financial products is improved.