Written question asked by Andrew Love (Labour) on Thursday, 30 July 1998, in the House of Commons. It was due for an answer on Monday, 19 October 1998. It was answered by Patricia Hewitt (Labour) on Monday, 19 October 1998 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what discussions his Department has held with the Registrar of Friendly Societies regarding the transfer of its functions to the Financial Services Authority to ensure continued recognition of and sensitivity to the special features of organisations currently regulated and supervised by the Registrar.

Answer: Mr. Love: To ask the Chancellor of the Exchequer what discussions his Department has held with the Registrar of Friendly Societies regarding the transfer of its functions to the Financial Services Authority to ensure continued recognition of and sensitivity to the special features of organisations currently regulated and supervised by the Registrar; and if he will make a statement. [55220] Ms Hewitt: Treasury officials have regular discussions with the Registry of Friendly Societies (RFS), the Building Societies Commission (BSC) and the Friendly Societies Commission (FSC), about the transfer of their functions to the Financial Services Authority (FSA). The FSA has also been working with them to develop the new regulatory structure and to ensure a smooth transition to a single regulator, when the Financial Services and Markets Bill becomes law. In the meantime, as the Chief Secretary to the Treasury announced on 30 July, the FSA plans to enter into contracts with the BSC, the FSC and, in relation to credit unions, the FRS to enable it to carry out functions on their behalf, from January 1999.

Secondary information

Type: Written question
Reference: 317 c925W; 55220
Session: 1997-98
Subjects: Financial services Financial institutions Financial Services Authority Regulation Building Societies Commission Registry of Friendly Societies Friendly Societies Commission