UK banks face op risk scrutiny

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Financial institutions have failed to properly manage their operational risk in recent years and can expect to be subjected to higher requirements in future, an official from the UK Financial Services Authority (FSA) has warned.

Speaking at the OpRisk Europe conference in London on April 22, Frances Allen, team leader in the FSA's prudential risk division, said attention to operational risk had been "sparse" and firms need to up their game to ensure they hold enough capital against operational

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