Financial Services Authority (FSA)
UK FSA calls off 'Systems and Controls', industry irate
The UK's Financial Services Authority announced at the September meeting of the Operational Risk Standing Group (ORSG) that it would be delaying, until further notice, the implementation of the Prudential Sourcebook text for 'systems and controls'.
New rules for a new era
The UK's new rules designed to implement a risk-based regime for regulating the insurance industry are due to come into place at the end of the year. John Ferry talks to the Financial Services Authority about what this means in practice for insurance…
Europe's insurers get used to a stricter regime
Regulators are increasingly bearing down on insurers as the market looks to establish better risk management practices. With the Solvency II proposals being drafted, what are insurance companies doing to make sure they can comply with the stricter…
UK FSA writes AMA strategy anew
An official from the UK's Financial Services Authority (FSA) sketched in some details of the regulator's approach to the operational risk portions of Basel II implementation in that country at an operational risk conference held in early July in London.
Spitzer to drop RBC inquiry
Eliot Spitzer, the New York State attorney general, will not pursue a formal inquiry into Royal Bank of Canada (RBC) for overpayments its clients made on foreign exchange trades, RiskNews’ sister publication FX Week has learned.
A Fine Spring
The UK’s Financial Services Authority is targeting banks that are lagging on their anti-money laundering efforts.
Analysts learn to live with CP-205
The Financial Services Authority’s (FSA) new rules governing conflicts of interest in investment research could spawn a cottage industry in interior design tailored for research teams in dire need of CP-205 compliant office layouts. The CP-205 working…
UK banks advised to delay Basel compliance
UK banks could make substantial savings by delaying full compliance with the Basel II Capital Accord until after it is implemented in 2007, according to new research.
Regulators put credit risk transfer in the spotlight
Leading financial services regulators have placed the credit risk transfer market under scrutiny to establish if instruments such as credit derivatives and synthetic collateralised debt obligations (CDOs) pose a threat to financial stability.
Japan regulator issues administrative action against JP Morgan Chase
Japan’s Financial Services Agency (FSA) has issued an administrative action against the Tokyo branch of JP Morgan Chase requesting it improve its compliance and internal controls. JP Morgan Chase is requested to “submit the Business Improvement Plan to…
UK banks blame FSA and EU as they fall behind in the compliance race
UK banks are slipping behind in their preparation for the operational risk portions of Basel II, as well as lowering their expectations of the level of compliance they will be able to achieve. Many firms are quietly beginning to blame the country's…
UK banks blame FSA and EU as they fall behind in the compliance race
UK banks are slipping behind in their preparation for the operational risk portions of Basel II, as well as lowering their expectations of the level of compliance they will be able to achieve. Many firms are quietly beginning to blame the country's…
UK banks blame FSA and EU as they fall behind in the compliance race
UK banks are slipping behind in their preparation for the operational risk portions of Basel II, as well as lowering their expectations of the level of compliance they will be able to achieve. Many firms are quietly beginning to blame the country's…
UK regulator clamps down on structured product selling
The UK Financial Services Authority (FSA) is set to finalise tough new guidelines for marketing retail structured products this month, as it moves to strengthen oversight after 2003's 'precipice' bond controversy, which saw Lloyds TSB fined almost £2…
A complex framework
Many Japanese financial institutions now conduct their derivatives business through their securities firms, but there are a number of legal risks in using a securities dealer as a derivatives trading entity, writes Tan Ser Kiat of Denton Wilde Sapte…
IASB to create advisory group
The International Accounting Standards Board (IASB) is investigating the establishment of an advisory forum, following comments from euro official Frits Bolkestein last month that standards for the treatment of derivatives are still unsuitable for…
UK’s FSA reforms ORIAG as ORSG
The UK’s Financial Services Authority (FSA) has reformed its Operational Risk Implementation Advisory Group (ORIAG) as the Operational Risk Standing Group (ORSG), after deciding to disband ORIAG in the fourth quarter of 2003. The group is being chaired…
UK’s FSA takes issue with misselling and market timing
The investment management industry in the UK is under fire from the Financial Services Authority (FSA) on a number of fronts at the moment. First, the market-timing abuses that have grabbed headlines in the US also seem to have occurred in the UK,…
UKFSA issues fraud paper
The UK’s Financial Services Authority (FSA) published a discussion paper in mid-December entitled DP26: Developing our policy on fraud and dishonesty.
Joint Forum hires new chairman
Gay Huey Evans, director of markets at the UK’s Financial Services Authority, has been chosen to take over the role of chairman of the Joint Forum, a group of experts set up to deal with issues common to the banking, securities and insurance sectors…
UK's FSA reforms ORIAG as ORSG
The UK's Financial Services Authority (FSA) has reformed its Operational Risk Implementation Advisory Group (ORIAG) as the Operational Risk Standing Group (ORSG), after deciding to disband ORIAG in the fourth quarter of 2003. The group is being chaired…
FSA reviews insurer capital
Final comments and suggestions have been received by the Financial Services Authority (FSA) following the publication of consultation documents CP190 and CP195, which aim to improve capital adequacy among non-life and life insurers. The proposals could…
UK's FSA takes issue with misselling and market timing
The investment management industry in the UK is under fire from the Financial Services Authority (FSA) on a number of fronts at the moment.
A window on transparency
Hedge funds will no doubt start 2004 where they left off in 2003 - as the investment vehicles of choice for private and institutional investors looking for the best opportunities for decent returns.