HISTORIC PRESS RELEASE : Chancellor welcomes co-operation towards single financial regulator [July 1997]

The press release issued by HM Treasury on 31 July 1997.

A blueprint for the new single financial regulator, submitted by the Securities and Investment Board (SIB), was welcomed today by the Chancellor Gordon Brown.

Writing to Sir Andrew Large, the outgoing Chairman of the SIB, the Chancellor said:

“I have been especially impressed by the positive contribution which has been made by all the regulatory bodies. This spirit of co-operation and common purpose will stand us in excellent stead as the plans for the single regulator are implemented.”

The Chancellor said that the plan set out a sound basis for implementation by the new Chairman, Howard Davies. He also underlined the importance of maintaining the regulatory standards during the transition to the new arrangements.

In the letter he also took the opportunity to thank Sir Andrew Large for his five years of service as the Chairman of the SIB. The Chancellor said that, since the announcement on 20 May of the creation of the SIB, enormous progress had already been made.

The Chancellor reiterated his aim of publishing a draft financial services bill for consultation next Summer.