On 1 December, 2001 the world changed for those involved with investment management. After many delays and postponements, 1 December finally became N2 – the date that the Financial Services Authority (FSA) became the regulator of the entire UK financial services industry.
Solicitors firms that had previously been regulated by the Law Society, as far as their investment businesses were concerned, became subject to dual regulation – by both the FSA and the Law Society. Solicitors were invited, a short while before N2, to opt into FSA regulation.
