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IFA reprieve on N2

The Treasury has confirmed the FSA will receive its full regulatory authority from midnight on November 30.

IFAs are being granted a seven month reprieve to June 30, 2002 to complete preparations for the conduct of business rules that relate to all regulated firms.

Other firms such as solicitors and accountants who currently do their investment business under the authorisation of their professional bodies will have until the end of October to decide whether their business is of a kind requiring them to seek FSA authorisation.

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