The Association of Private Client Investment Managers and Stockbrokers is challenging the FSA to meet the November 30 deadline for N2.
At an FSA presentation on PIMS 2001 which focused on the regulator after N2, Apcims chief executive Angela Knight voiced serious doubts over whether the FSA would have all its powers by November 30.
Knight said the chances of passing all secondary legislation needed to transfer authority before this date are very slim, given the impending House of Commons summer break.
The FSA says it is working on an internal timetable to have everything completed well head of the deadline but conceded it may not be possible to have all the legislation passed in time.
FSA spokesman Rob McIvor says: “In terms of our internal preparation for N2, we are ready. The legislative side, however, is out of our hands. But there are currently no indications of any problems with the legislative timetable.”
Apcims chief executive Angela Knight says: “There is still a lot of secondary legislation to go through. The Commons will break at the end of July and not return until six weeks before N2. There is a serious timing issue here. The FSA will have to decide whether to proceed before it is passed or let N2 slip, which means a lengthy interim regulatory environment for firms.”