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"Profit is the reward for taking risk". Frank Wright, Economist 1921
"In the future we will seek to make judgements on the judgements of senior management and take actions if in our view those actions will lead to risks to our statutory objectives. This is a fundamental change. It is moving from regulation based only on observable facts to regulation based on judgements about the future." Hector Sants, Chief Executive FSA 2009
Displaying 61 to 63 of 63 results in total.
2nd April 2009
This presentation is about treasury, management information and training for boards. It was presented to executives and NEDs of banks and building societies in April 2009.
30th March 2009
The Turner Review: a regulatory response to the global banking crisis was written by the Chairman of the FSA at the request of the Chancellor of the Exchequer. It reviews the crisis and recommends changes to regulation. The review is 122 pages. These are the main points.
31st January 2009
This CP sets out the FSA's plans to reform the liquidity regime. It requires firms to undertake a much more rigorous analysis of their liquidity position. This includes the effect of stressed conditions on their business. The firm will submit what it considers to be an appropriate liquidity buffer to the regulator. The FSA will then decide whether it is sufficient. In determining the buffer the FSA will also assess the firm's systems and management. If these are considered weak the buffer will be increased accordingly. The liquidity buffer can only be held in liquid assets. The FSA's view is that this primarily means Gilts, sovereign debt or central bank deposits. The FSA makes it clear, "The responsibility of adopting a sound approach to liquidity risk management is on firms and their senior management".