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Davies warns that FSA could be left in limbo without legislation

The FSA has warned that it will struggle to operate unless the bill placing it on a statutory footing is in the Queen&#39s Speech next month.


The Financial Services and Markets Bill would free the FSA from their interim position and provide them with extensive powers to demand information, mount prosecutions and fine banks and brokers.


FSA chairman Howard Davies says: &#34 The position we have at the moment is a halfway house and cannot survive indefinitely.&#34


The bill has been heavily criticised by financial service organisations and lawyers who say it is unfair, lacks detail and gives the FSA inadequate responsibility.

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