Financial Services Authority: Communications over the millennium date change

Vernon Everitt, Manager of the FSAs Millennium Event Office (MEO), said:

"The statements will be based on regular status reports to the FSA from about 200 of Britains major financial institutions, from all sectors and including exchanges and clearing houses. Early reports on 1 January will cover the status of cash points (ATMs), credit cards and other customer facing activities in particular of the larger retail banks and building societies. Later statements will be linked to the prospects for effective business resumption when firms and markets re-open for business in the UK on Tuesday, 4 January.

The MEOs main purpose is to act as an information clearing house for the FSA and also to be the focal point for problem identification, evaluation and resolution. In line with its usual practice, the FSA will not comment on the status of individual firms. Nor will it be a clearing house for rumours about firms who must take the lead in managing information about their own institutions.

Minor glitches happen every day of the year, and the FSA does not expect the date change period to be any different. And for many firms, there will be a good deal of time over the long weekend to fix any problems before they have to open for business. So the FSAs focus will be on any material issues that may jeopardise a firms ability to open for business as usual. "

Notes for editors

1. The UK financial sector is thoroughly prepared for the date change and there is general confidence that it will be business as usual in the New Year.

2. Nevertheless, there will be a keen interest in the progress of the sector and the FSA needs to be able to deliver its consumer protection and market confidence objectives at all times. The FSA has set up the MEO as a practical way to capture information and, given the international character of the financial services industry in the UK, to track the date change internationally as well as to deal with any material issues that arise.

3. All firms regulated by the FSA, including those making regular reports, will be required on an exception reporting basis to tell the MEO promptly of any material problems that arise at any time.

4. The MEO will operate on a 24 hour basis from 0800 on Friday 31 December to 2000 on Wednesday 5 January and on an 0800 to 2000 basis on 29 and 30 December and 6 and 7 January 2000.

5. All media calls will be handled by the FSAs MEO Media Relations team. The following contact details will apply during this period:

   Telephone: 0171 676 5801 Fax: 0171 676 5829 E-mail: meo-media@fsa.gov.uk

6. The FSA, together with the Bank of England, will report regularly on the status of the financial services sector to the Central Government Millennium Centre.

7. The FSA has a dedicated Year 2000 section on its web-site, which includes Publications, Speeches, Press Notices, and Guidance for supervisors and links to other Year 2000 sites. (www.fsa.gov.uk)