November 1, 2001
On November 30 the Financial Services and Markets Act (FSM Act) comes into force in the UK. The Financial Services Authority then takes on its full powers as the single regulator and at the same time, financial regulatory law in Britain is completely updated and recast on to a single integrated basis.
Other countries are taking the single regulator route, but none has completely re-engineered the whole legal basis of regulation at the same time. We have gone from one of the most complex regulatory structures in the world with an alphabet soup of regulators and many different statutes to one
The United Kingdom has melded its multiple financial market regulators into a unified entity. The chairman of the new authority explains Britain's risk-based regulatory approach, which ecompasses clear aims and realistic limits, and the recognition of each party's responsibilities.