We're in for a 'long two years' before the FSA is out, says Lansons' Richard Hobbs

Government plans to overhaul financial services regulation will be tough to carry out in the timetable set, a regulatory expert has warned.

Lansons director Richard Hobbs predicted primary legislation to scrap the FSA was unlikely to receive royal assent until 2013, based on the timetable outlined in last week’s consultation document.

The paper says a fresh document will be published early next year containing more details. The financial services regulation bill will not be published until mid-2011, with a view to passing it in 2012.

In this week’s Insurance Times, former Department of Trade and Industry official Hobbs writes: “The two years [minister Mark Hoban] says it will take to complete the process might be a long two years.”