UK says more op risk guidance needed


LONDON -- The UK’s chief financial watchdog said in July that more guidance on operational risk systems and controls is needed for UK firms, but the policy should not be over-reliant on detailed rules.

The Financial Services Authority (FSA) said as a result it planned to locate some of this guidance in its SYSC (Senior Management Arrangements, Systems and Controls) guidelines -- rather than the agency’s so-called Integrated Prudential Sourcebook. The sourcebook will embody the FSA’s plans for

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