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FAS says no need for panic as legislation is put back

Legislation underpinning the FSA will not come fully into force until 2001

because the regulator needs more time to define its day-to-day role, says

the Treasury.

The Government and the FSA say the recent huge raft of amendments tabled by

the Conservatives in the House of Lords is not to blame for the delay.

The process will take longer because the bill is written in general

language and leaves significant operational detail to be determined by the

FSA.

The original target for the bill was October but both the Treasury and the

FSA say that, given the massive size of the bill, a two-and-a-half-month

delay is no cause for panic.

But the Government is rejecting industry calls for more time to study the

Tory amendments.

The ABI, Autif, the Conservatives and Liberal Democrats are all demanding

a cooling-off period of three to four weeks so they can review the

amendments.

A Treasury spokesman says: “It is likely there will be more amendments at

the report stage in the Lords but we are still intending to stick to our

present program.”

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