Economic secretary Ruth Kelly has announced the FSA will become the statutory regulator from midnight on November 30, 2001.
The regulator will receive its powers under the Financial Services and Markets Act 2000 on that date.
Kelly says: "FSMA will, for the first time, unite a wide array of legislation and supervisory bodies under one statutory regulator. The FSA will be a single point of contact for firms. Alongside this will operate the Financial Ombudsman Service to deal with customer complaints. This will bring much needed clarity, certainty and transparency to the industry and consumers alike."