Speaking at the Foreign Banks and Securities Houses Association annual conference in London, Mr Davies, said: "The Financial Services Authority finally comes into its own as the UK’s single financial services regulator. At last, that mythical date ‘N2’ is upon us.
"For a change which has been so long coming, it is tempting to see N2 as a destination. But it would be wrong to do so. Tomorrow is not a destination, but a starting point for the development of financial regulation in the UK."
In setting out some of the reforms going forward, he said: "Our aim is to maintain a proportionate approach, while ensuring that London maintains a reputation for being a well-regulated financial centre, in which market participants have confidence in the rules themselves, and believe that they will be obeyed by their counter-parties."
