Finance service laws `will last'

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The Independent Online
GOVERNMENT plans to bring in a single regulator for the financial services industry by 2000 are on track, Alistair Darling, chief secretary to the Treasury, is expected to say today.

A broad framework has been agreed on legislation for financial services to create a system that will endure, he is expected to tell the Financial Services Authority's European Conference in London.

Changes coming into force today represent the first stage of the Government's reforms. Mr Darling will say they give the Bank operational independence in monetary policy as well as moving banking supervision to the FSA. The next stage is the new Financial Services legislation which to be published in draft in the summer.