UK Financial Services Authority Announces Priorities and Budget for the coming year

The High Level Transitional Priorities

Joanna Gray

When FSA published its Annual Report for 2000/2001 many, including Howard Davies himself, FSA Chairman, believed that FSA would be assuming powers under the Financial Services and Markets Act 2000, that Act having been brought into force some time around the end of 2000. One year on the final legislative preparations are still under way, as is the finalisation of the FSA’s own Handbook of Rules, Guidance and Codes of Conduct. The position is now that in the Spring the Government will announce a firm date for ‘N2’ the date on which full implementation of the Financial Services and Markets Act 2000 will take place. That date is expected to be some time in the second half of 2001.