The Treasury and the Financial Services Authority (FSA) today published jointly the Policy Statement, PS 04/20 Financial Groups, on
implementing the EU Financial Groups Directive in the UK
The Financial Groups Directive requires the additional prudential supervision of financial groups that straddle the insurance, banking and investment sectors significantly.
The joint Treasury-FSA CP 204 ‘Financial Groups’ was published in October 2003 and contained FSA and Treasury proposals to implement the Financial Groups Directive in the UK. The joint Policy Statement finalises FSA and Treasury policy to implement the requirements of the Directive in the UK by 11 August 2004.
The Regulations will come into force on 10 August 2004.
Background
- The Financial Groups Directive was adopted in February 2003 and is due to come into force from January 2005.
- The Policy Statement can be found on the Treasury website.
- Media enquirers should call HM Treasury press office, tel. 020 7270 5238 or FSA press office on 020 7066 3290.
- Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public enquiries@hm-treasury.gov.uk.
