I can assure you, with absolute confidence, that as the Government redraws the structure of Financial Services regulations in this country, your Association will have a key role in ensuring that the new structure will take into account the distinct needs of your unique contribution to the industry. Let me tell you, briefly, what our intentions are and how you can play your part. The 1980s saw a huge change in the nature of financial services, a change that outstripped the legislation. I promise you. At the other end of the spectrum, the wholesales end of the business will have the freedom to be creative while the regulator keeps track of the risks sometimes associated with complex financial products being traded.
Financial services are big business in Britain.
To be world leaders, we must have a regulatory system which is also a world leader, one which will give our financial services industry a true, competitive advantage. Above all, the public must be certain that financial regulation is in the best possible hands. Work on the necessary legislation has already begun. New Millennium, new regulator, to coin a phrase. The Friendly Societies will fall within the ambit of the new regulator.