§ Barbara FollettTo ask the Chancellor of the Exchequer when he intends to commence powers making the Financial Services Authority the single financial services regulator under the Financial Services and Markets Act 2000. [160978]
§ Miss Melanie JohnsonI am pleased to announce that the Government will be commencing, with effect from 18 June 2001, provisions of the Act which make the Financial Services Authority the single financial services regulator, and give it rule-making powers. These provisions will enable the FSA to make the key provisions of its rule-book no later than end July 2001 so that the financial services industry can train and prepare for the commencement of the main provisions of the Act no later than end November 2001.