A code of practice to tackle contract certainty in the regional market will be delivered in August, according to Duncan Boyle who chairs the working group looking into the matter.

Monitoring surveys to ascertain compliance are expected to begin in June 2006.

Boyle, who is Royal & SunAlliance UK chief executive, said the FSA was happy with the progress made by the working group so far.

He added that the progress of companies which choose to apply it would be closely monitored, and that the code would become fully integrated by the end of the year.

"We will definitely have a plan before I retire [November]. I am determined to see this through," Boyle said.

London market agrees target
The Market Reform Group (MRG) has agreed targets for all London market firms to achieve contract certainty.

By the end of 2005, 30% of monthly volume in the London market must be contract certain, 60% by June 2006 and 85% by the end of 2006. The MRG also said 81% of London firms had now registered their contract certainty project details with the Programme Office.

The FSA is to make a formal 'stocktake' in December 2005, to determine whether sufficient progress has been made to meet the December 2006 deadline for contract certainty.