FSA's 'systems and controls' doc returns
London – The 'systems and controls' consultation document – shelved in September 2004 by the UK Financial Services Authority – is to be revived, announced Rosemary Hilary, head of the risk review department at the regulator, speaking at the Compliance conference in London in mid-November.
Industry had worked closely with the FSA for more than a year to produce SYSC 3A – Operational Risk in October 2003, and it was scheduled for implementation at the end of 2004. But the FSA said in September 2004 that the new rules had to be shelved for everyone – except insurance firms – because of the coming Markets in Financial Instruments Directive and Capital Requirements Directive. They were
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