As noted by A-Team Insight last month (see 
There may be troubles ahead for the UK Financial Services Authority (FSA) with the impending departure of current CEO Hector Sants in the summer, but, in the meantime, the regulator has pledged to support the data vendor community in adapting to the new regulatory order. To this end, the regulator is strengthening its efforts around its independent software vendor (ISV) discussion group, which aims to provide vendors with a forum in which to air their issues.
As part of its drive to compel financial services firms to provide more transparency into their data, the Financial Services Authority (FSA) has confirmed this week that it will require UK firms to publish information on how they handle complaints. According to the regulator, this will help people see how firms are performing in this area and to drive up complaints handling standards across the industry. It will also pose another data challenge for firms already facing new requirements around risk data reporting and single customer view (SCV) reforms (see 
The UK Financial Services Authority (FSA) has indicated that is "disappointed" by the "unclear articulation" of firms’ risk appetites in the Internal Capital Adequacy Assessment Process (ICAAP) submissions it has received from investment firms so far. The regulator indicates that these firms should bear a number of factors in mind when preparing for their next submissions, including providing the right level of risk related data in order to the FSA to be able to accurately judge their risk management capabilities.
Last week, the UK Financial Services Authority (FSA) bolstered its campaign to foster greater risk management responsibility within financial institutions with a new consultation paper (to add to the growing mountain) on effective governance standards. This is all part of what the regulator calls its “supervisory enhancement programme”, seemingly aimed at scaring CEOs into compliance with its requirements via the introduction of significant influence functions (SIF) interviews.
Stress testing and its many related data and technology challenges were the talk of this month’s FS Club. Attendees agreed with the motion by chair and JWG-IT CEO PJ Di Giammarino that stress testing is a killer for banks operating in the UK faced with the Financial Services Authority’s (FSA) new liquidity risk reporting regime.
A-Team Insight Exchange is a new event series for 2010, which will combine A-Team’s expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners.
He may be on his way out the door, but UK Financial Services Authority (FSA) chief exec Hector Sants seems determined to deliver a few parting shots to ensure that financial services firms tackle their risk management failures. In order to boost its success in this endeavour, the regulator will be hiring another 460 staff members and will be looking for those with industry experience of dealing with internal risk management systems within the financial institutions it wants to police.
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