HISTORIC PRESS RELEASE : Renewed financial regulation for a renewed Britain [September 1997]
The press release issued by HM Treasury on 17 September 1997.
A new modernised Financial Services Act for the new millennium will underpin the Government’s approach to financial regulation, Economic Secretary Helen Liddell said today.
Speaking to a City and Financial Conference in London the Minister set out the Government’s aim to have a more rational, coherent and accessible regulatory structure.
The Minister said:
“We are aiming for rationalisation wherever possible, with uniform powers and duties which the new regulatory body can exercise consistently without constant recourse
to the lawyers.We will also be aiming where possible to repeal and replace rather than amend existing legislation. That in itself should create a more coherent body of law.”
Although it was too early to give detailed content of the forthcoming Bill, the Minister set out some of the intended framework and controls.
These would include:
- the new regulator having the same legal form and status as the current Securities and Investments Board (SIB) – a company limited by guarantee;
- the board of the new regulator being appointed by the Treasury;
- the new regulator taking proper account of the views and interests of consumers;
- practitioner input in fee-setting; and
- some consolidation of the various Ombudsman and arbitration schemes for consumers that currently operate.
The Minister concluded by calling on the audience to encourage their companies to get involved in the Government’s Welfare to Work policies. She said:
“Participation of private sector organisations such as yourselves are essential to ensure the policies are a success.
“There are benefits for businesses from the Welfare to Work policies both in terms of the private benefits them of a well trained workforce and the benefit to society.
