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Treasury to announce N2 timetable in Spring

The Treasury is still hopeful of achieving N2 by next summer, despite media reports putting the date back to Autumn 2001. With consultation documents still awaiting responses, the Government proposes to announce a firm timetable in the spring.

N2 day marks the introduction of the Financial Services and Markets Act 2000, when the FSA is to receive its full legal powers.

Treasury economic secretary Melanie Johnson says “The target I set last July of N2 in about one year remains. It is still too early to be more precise on when the act will come into force. I plan to give a firm date during the Spring.”

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