
FSA focuses on priority risks for 2008
The UK FSA has released its plans for the coming year
LONDON – “2007 proved a difficult year for the financial services industry and for the FSA,” begins Callum McCarthy, chairman of the UK Financial Services Authority (FSA), in the foreword to his organisation’s budget for 2008.
The document says the FSA will concentrate on the “priority risks” identified in its Financial Risk Outlook (FRO) published last month, learning lessons from the credit crisis and the run on Northern Rock.
Priorities include increasing transparency; easing the complexity of credit ratings; developing understanding of off-balance sheet structures; improving general operational preparedness for unexpected events and redressing inadequacies in stress testing.
The FSA says it is engaged in a supervisory review with the Bank of England on the liquidity framework and tripartite co-operation between the FSA, Bank of England and the Treasury for depositor protection – welcome collaborative developments for Britain’s beleaguered supervisors.
The budget also notes that the FSA intends to continue its principles-based approach and Treating Customers Fairly initiative, in addition to reviewing whether deposit-taking is appropriately regulated by the Banking Code.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Frustration grows over ‘messy’ active account rules
Isda AGM: Less than two months until deadline, firms seek clarity on threshold calculation and scope of exemptions
Citadel exec questions regulatory findings on repo haircuts
Isda AGM: OFR analysis didn’t account for excess collateral held against cleared positions in related trades
US exchanges fight SEC fee caps in court
Cboe and Nasdaq expected to defend rebates that critics say impede market efficiency
EC to decide on FRTB delay within ‘days’
Isda AGM: Consultation finds support for delay, with some wanting to go live with targeted changes
Fed official: SLR tweaks likely unbundled from Basel III
Isda AGM: Complexity of the endgame proposals mean any leverage ratio changes will probably be proposed separately
BoE to consult on promoting clearing for gilt repo market
Isda AGM: Deputy governor also takes aim at bilateral repo haircuts and cross-CCP netting
US has got what it wanted from Basel, say former regulators
Calls to stay at the table come after US Treasury Secretary condemned “outsourcing” of regulation
Driving IT resilience through managed services
How Murex is supporting financial institutions with managed services and providing strategic solutions