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FSA 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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