FSA prescribes ‘tough love’ for firms


"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, documentation is not complete, confirmation backlogs – particularly in credit derivatives – are being

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