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 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
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
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
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