UK regulators warn against perils of over-pruning back offices


LONDON – UK regulators warned the financial services industry in June that over-pruning of back offices could be dangerous at a time when the industry needs to pay more attention to training and competence than in the past.

New powers being assumed by the Financial Service Authority (FSA), Britain’s principal financial watchdog, will make senior management explicitly responsible for
compliance in the back-office area, FSA chairman Howard Davies told a London conference.

There will be

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