FSA issues conglomerates rules, warns of more EU regs to come

The UK's Financial Services Authority's (FSA) new chairman, Callum McCarthy, has warned financial executives about the "severe strains" UK-based financial institutions will face in implementing new regulations from the EU during 2004 and 2006.

Speaking at a conference in Oxfordshire, England in mid-October, McCarthy’s comments came just days before the FSA published its own version of the EU’s Financial Groups Directive, also known as the Financial Conglomerates Directive.

Issued in late October, the FSA and UK Treasury’s Consultation Paper 204: Financial Groups implements the EU document, which was published in its final form in February 2003.

The combined regulation and legislation is designed to improve supervision of financial

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