The Financial Services Authority (FSA) has expressed its frustration at the slow pace at which changes to the regulatory structure are taking place.
Currently making its way through Parliament, the Financial Services Bill will formally split up the FSA into the Prudential Regulation Authority and the Financial Conduct Authority (FCA).
Although the FSA has already set up a twin-peaks system to pre-empt the changes, Clive Adamson, the FSA's director of supervision within the conduct business unit, explained the feelings of bosses in Canary Wharf at the wait for the full powers to be handed to them.
Speaking at a Marketforce conference on the future of life and long-term savings, he said: "It's fair to say that we're all somewhat frustrated by the length of time it has taken.
"The time from the policy change that creates the regulation was formed all the way through to separation in 2013 is a long-term project."
The split-up of the FSA was formally announced by the Chancellor in June 2010 and the legislating effecting the changes is currently being considered in the House of Lords.
Under the new system, the FCA will be the body that directly regulated the conduct of most financial services firms and individuals, including financial advisers.
Adamson emphasised the more 'judgment-based' focus of the new regulator and also its three main objectives if consumer protection, market integrity and competition.
£300bn of liabilities
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Transfer from occupational scheme
Appointed by FCA and PSR boards