The 2005 target date for implementation of the EU Financial Services Action Plan should be set aside to ensure full consultation with Europe's finance sector, says the Association of Private Client Investment Managers and Stockbrokers.
APCIMS says the blueprint for harmonising the EU's financial services will cause “significant problems and costs” to markets and investment firms unless more time is taken in 2003 to discuss its impact on member states.
More than 40 directives and other regulatory changes comprise the ambitious Action Plan, many of which are to be issued this year. APCIMS says the 2005 deadline places considerable pressure on home state regulators such as the FSA, as well as investment firms and markets.
Angela Knight, chief executive of APCIMS, says: “The 2005 deadline for completion has always been an aggressive timetable. This date should instead be considered as the point at which all the many proposals – including rule changes – are out for discussion but not necessarily implemented.
“The imperative must be to ensure the full benefits of harmonisation are received by all, not to adhere to an ambitious timetable which will afford insufficient time for full debate and discussion.
“Put simply, it is better to take a little longer and get it right.”