Firms should be able to operate under the final depolarisation rules by summer 2004, six months later than originally planned, the FSA has revealed.
A consultation paper on the menu payment system is now due by early February and FSA head of retail projects David Severn says he believes the earliest the industry will be permitted to start depolarised business models will be July or August next year.
Original predictions had been for the end of 2003 but there have been problems in finalising the menu. These are reckoned now to be close to being resolved or at least to the point where the FSA will be in a position to consult with the industry.
Severn told Money Marketing this week that he cannot see any reason why firms will not be able to act by next summer.
It is believed that the deadline for mandatory adoption aspects of depolarisation such as the menu system will now be set for the end of 2004, six months later than originally thought.
Severn says: “I see no reason why, once the final rules have been made, firms should not be able to run with them at that time, likely by next midsummer.”
LIA head of public affairs John Ellis says: “The slippage into February is not too serious. I think we could just about live with that timing but it does depend on what the proposals will say.”