UK says op risk paper will prepare firms for Basel II

That’s the view of the Financial Services Authority (FSA), the UK’s chief financial market watchdog, which today issued a consultation paper on operational risk for industry comment by October 31.

But the paper says it’s impossible to predict the costs for UK-based firms of implementing the Basel II and EU op risk proposals with any degree of accuracy at this stage. The paper therefore makes no attempt to estimate the costs.

The risk-based Basel II capital adequacy accord will determine from

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