§ Norman LambTo ask the Chancellor of the Exchequer what measures other than implementation of the Financial Services and Marketing Act were used to determine whether Spending Review 2000 SDA Target SDAB3 was met, as stated on page 20 of the HM Treasury Departmental Report 2002. [89265]
§ Mr. Boateng[holding answer 7 January 2003]: The measure used in assessing Spending Review 2000 SDA Target SDAB3 was whether the Financial Services and Markets Act was implemented successfully.
The target was met on 1 December 2001 (known as N2). This was the point at which the Financial Services Authority acquired all its powers and is when the Financial Services and Markets Act 2000 was fully implemented.