Around 14,000 accounting, legal and actuarial firms offer investment business. However for all but around 2,000 firms, it is an incidental sideline.
Only those conducting mainstream investment business will be subjected to FSA monitoring at a date later this year known as N2. A total of around 1,000 accounting firms are expected to be affected.
Announcing a revised timetable for the commencement of the key provisions of the Financial Services and Markets Act 2000, Johnson said : ‘I can now announce our aim that N2 will be no later than the end of November this year.
‘As soon as I am in a position to announce the actual day of N2, I will do so. I should make clear that this is not an aspiration or a working assumption. Firms should prepare for N2 on this basis.’
The FSA expects to be in a position to make the key provisions of its rule-book no later than the end of July.
FSA chairman Howard Davies, said : ‘I welcome the government?s aim that N2 will be no later than the end of November. It has my full support. It gives the FSA and financial services firms a clear basis on which to continue preparations for N2.’
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