FSA pledges 'priority risks' focus for 2008
LONDON - The UK Financial Services Authority (FSA) has released its Financial Risk Outlook (FRO) and annual budget for 2008, pledging to focus on five 'priority risks' and warning of enhanced risk exposure to financial services firms amid current market turbulence.
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
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