The Financial Services Authority has announced it will issue a series of progress reports on how the UK finance sector has coped with the Year 2000 date change.

FSA managing director, Michael Foot, said he anticipated a bug-free New Year for the financial services sector, but warned there was no room for complacency.

"Over the date change period we will operate a 24-hour Millennium Event Office monitoring the situation in the UK and worldwide," he told a recent seminar.

"We will make periodic statements about overall progress towards opening for business and later about how the industry has opened for business."