FSA 'marginalised' on policy-making

LONDON -- An official from the UK's Financial Services Authority (FSA) admitted that the regulator is becoming an increasingly marginal part of the financial services policy-making process, at a conference on risk-based compliance organised by Operational Risk magazine in late November.

The binning of CP142 -- the new 'systems and controls' section of the FSA's Prudential Sourcebook -- because of the impending advent of the EU's Markets in Financial Instruments Directive (MiFID) caused an uproar in financial services firms in September, and has become a metaphor for industry concerns. This text was originally drafted to help firms develop op risk management-orientated frameworks under Basel II. It was the product of heavy consultation with the industry, and was composed

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