UK - The cost of implementing upcoming regulations and reforms could prove overly burdensome, warned UK regulator the FSA in its Financial Risk Outlook 2004, its annual document outlining perceived upcoming risks.
In order to implement the EU Financial Services Action Plan and International Accounting Standards, firms will have to make substantial systems changes.
“This may increase cost pressures on firms, exacerbate operational risks and impinge on their ability to absorb and implement new regulatory requirements,” forewarned the report.
On hedge fund activity, the FSA sounded a note of caution over the intense competition between prime brokers, suggesting that credit risk management standards could suffer.
A "substantial" parliamentary bill acting as a "roadmap" for the long-term future of private pensions will lead to a "significant period of calm", Guy Opperman has promised.
The Department for Work and Pensions (DWP) has completed its appointment process for the Single Financial Guidance Body's (SFGB) board, naming three non-executive directors.
Pensions and financial inclusion minister Guy Opperman has launched a simplified two-page annual statement in a bid to provide a best practice template for the industry.
Some 70% of defined contribution (DC) members want to know their scheme is personalised and tailored to their needs, an Invesco language study reveals.