§ Mr. LoveTo ask the Chancellor of the Exchequer what discussions his Department has held with the Registrar of Friendly Societies regarding the transfer of its functions to the Financial Services Authority to ensure continued recognition of and sensitivity to the special features of organisations currently regulated and supervised by the Registrar; and if he will make a statement. [55220]
§ Ms HewittTreasury officials have regular discussions with the Registry of Friendly Societies (RFS), the Building Societies Commission (BSC) and the Friendly Societies Commission (FSC), about the transfer of their functions to the Financial Services Authority (FSA). The FSA has also been working with them to develop the new regulatory structure and to ensure a smooth transition to a single regulator, when the Financial Services and Markets Bill becomes law.
In the meantime, as the Chief Secretary to the Treasury announced on 30 July 1998, Official Report, columns 410–11, the FSA plans to enter into contracts with the BSC, the FSC and, in relation to credit unions, the FRS to enable it to carry out functions on their behalf, from January 1999.
§ Mr. LoveTo ask the Chancellor of the Exchequer what discussions his Department has held with the Financial Services Authority regarding harmonisation of the costs of incorporation of the different types of organisations regulated by the Financial Services Authority; and if he will make a statement. [55215]
§ Ms HewittA draft regulatory impact assessment was contained in part 3 of the consultation document on the Financial Services and Markets Bill. This concluded that the creation of the single financial services regulator, the Financial Services Authority (FSA), would mean savings for a significant proportion of authorised persons in compliance costs and regulatory fees. There would also be some efficiency savings due to co-location of the regulators.