This month, the CEOs of firms under the cosh of the UK Financial Services Authority’s (FSA) new liquidity risk reporting regime received a letter from the regulator’s appropriately titled managing director of supervision, Jon Pain, asking them to pledge their compliance in writing. Given that the December deadline for the systems and controls part of the regime has been and gone, one would have assumed that this was enough of an indicator for firms that they need to be ready to be able to report in the required manner. However, the FSA obviously feels that too many firms out there are far enough behind to require a second warning.

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