FSA chair calls for realism over risk management capability

LONDON - Outgoing chairman of the UK Financial Services Authority, Callum McCarthy, has highlighted the lack of adequate risk management practices at financial institutions as a key factor in the current crisis.

Speaking at the Lord Mayor of London's city banquet on September 18, McCarthy said there was a need for greater realism regarding the risk management capabilities of firms, which he claims are not up to scratch. "The present troubles have exposed the fact that many of the best-regarded

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