FSA pledges 'priority risks' focus for 2008

REGULATORY NEWS

FSA chairman Callum McCarthy writes in the budget's foreword that 2007 was "a difficult year for the financial services industry and for the FSA". The plan for the year ahead highlights requirements for increasing transparency; reducing the complexity of credit ratings; developing understanding of off-balance sheet structures; improving operational preparedness for unexpected events, and redressing inadequacies in stress testing.

Outlining the five priority risks, the FSA says it must look at

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