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Conservatives continue fight over FSA

Conservative Peers plan to try and force the Government to amend the Financial Services and Markets Bill one last time today.


Despite having defeated the Government over a number of other areas of the extensive legislation, the Tories still have major concerns that they want addressed today.


They include areas such as the independence of the takeover panel, the FSA obeying the accepted rules of good corporate governance, and the potential implications the merger of the London and Frankfurt stock exchanges will have on the FSA.


The legislation will limp further towards becoming law as it reaches third reading in the upper chamber. This is the last time it will be debated in the Lords.


The Bill, which gives the FSA its regulatory framework, has taken over two years to reach this point. In that time, more than 1,400 amendments have been made to it, 500 of those coming from the Government.


It is not expected to be fully implemented until the end of the year at the earliest.

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