HISTORIC PRESS RELEASE : Our financial regulatory reforms are on course” says Chief Secretary Alistair Darling [May 1998]

The press release issued by HM Treasury on 13 May 1998.

In a speech to the Association of British Insurers in London tonight, the Chief Secretary, Alistair Darling, reaffirmed that the Government’s plans for reform of the financial regulatory system were on course. He said:

“Having a strong and effective regulator will further enhance the UK’s reputation as one of the best regulated and attractive financial markets in the world. We are determined to maintain the UK’s position. And our reforms are already underway. The first stage, the Bank of England Act, comes into effect on 1 June. The second stage, the draft regulatory reform bill, will be published for consultation in the summer.”

He added:

“A single, efficient, transparent regulatory regime which commands the confidence of industry and its customers will be of competitive advantage to the UK’s financial services industry in the global financial services market. The global market place is becoming ever more sophisticated, changing ever more rapidly. The right regulatory structure will enhance prospects for growth in this global marketplace.”

“For the first time ever, the new regulator will have statutory objectives covering market confidence, consumer protection, consumer education and financial crime. The Government is very committed to strong consumer protection.”

“We will, as we have said, publish the new regulatory reform Bill in draft in the summer. There is now consensus over the broad framework, but it is important to get the detail right. There remains much work to be done to ensure the single regulator works. The Treasury and the FSA will not be complacent about what must be done. The consultation period for the Bill is one way in which the industry can help us make it work.”