FSA scraps op risk ‘systems and controls’

Regulatory Update

The FSA had let members of its Operational Risk Standing Group know of its plans at an early September meeting, but held back on officially announcing its plans for more than a week, until September 15. As a result, banks and asset management firms were left in a state of limbo for several days while they awaited confirmation of the change.

According to a letter sent to firms on September 15 by the regulator confirming the change, the ‘Systems and controls’ chapters – which all firms were me

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