HISTORIC PRESS RELEASE : Gordon Brown offers UK participation in IMF/World Bank financial sector assessment programme [October 2000]

The press release issued by HM Treasury on 25 October 2000.

At today’s Montreal meeting of the G20 group of countries, Chancellor of the Exchequer Gordon Brown has offered UK participation in the IMF/World Bank Financial Sector Assessment Programme (FSAP).

The Financial Sector Assessment Programme is an important innovation. An IMF/World Bank team takes an independent look at a country’s financial sector and its regulation. It assesses the sensitivity of the financial sector to macro-economic shocks and compare the country’s financial regulation with international best practice. This process will underpin and improve global financial stability, so it is important that all kinds of countries – emerging markets and world financial centres – take part in the process.

Gordon Brown said :

“With Sir Howard Davies, Chairman of the UK Financial Services Authority, I am offering UK participation in the Programme. The FSA is working towards implementation of a new regulatory framework under the Financial Services and Markets Act 2000. This will create a fully-integrated cross-sector framework for financial regulation.

I am confident that UK financial regulation is amongst the best in the world. Nevertheless, the UK financial sector is also amongst the most important in the global financial system. We will therefore welcome the opportunity of participation in the Program”.