FSA prescribes ‘tough love’ for firms
LONDON – A senior official from the UK’s Financial Services Authority (FSA) told firms to get their act together in a ‘tough love’ speech at a British Bankers Association conference in London in mid-February.
"Smart firms can do dumb things," said Thomas Huertas, director of the wholesale firms division at the FSA. "I do not propose to provide a full litany of examples. The headline events in trading and other areas come readily to mind. Less prominent but perhaps even more dangerous is the neglect in some institutions of what I would call basic maintenance. Operations and systems are not robust
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