§ Mr. LoveTo ask the Chancellor of the Exchequer if he will publish the timetable for implementation of each part of the Financial Services and Markets Act 2000. [126975]
§ Miss Melanie JohnsonI expect the Financial Services and Markets Act 2000 to come into force in about one year's time. This will complete the process of the modernisation of financial services regulation announced by my right hon. Friend the Chancellor of the Exchequer in May 1997. The timescale provides a framework within which proper preparations can be made for the new regulatory system.
The Government believe that both the financial services industry and consumers will benefit from a single regulator with clear statutory objectives providing a light touch where possible, protection where necessary.