PracticePeople In PracticeTS: Confusion and clarity at FSA

TS: Confusion and clarity at FSA

Beware financial world, for N2 is coming. Readers will have seen dire warnings about this momentous event over the last few months, and been invited to numerous seminars advising them how to prepare. Many, however, are rather foggy about what it actually means.

For the uninitiated, N2 represents the moment that the Financial Services Authority, the new regulatory monolith, will wield the full force of its powers at midnight on 30 November 2001. Ever curious, TS recently asked the watchdog where it had come up with such a mystifying acronym, and was informed that predecessor N1 forged the way for N2, originally meaning ‘new regulator 1 and 2’ – whatever that means. But, added the spokeswoman, the name has now been dropped because it caused so much confusion, both inside and outside the FSA.

TS looks forward, albeit somewhat sceptically, to a new era of clarity from our great new regulator.

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