Product providers and other financial services companies will not have to tick boxes to meet regulat...
Product providers and other financial services companies will not have to tick boxes to meet regulatory approval of their plans to meet business continuity risk, according to a statement from the FSA today.
The regulator has outlined its approach in a policy statement relating to the responses it has received on CP142.
It says that the responses indicate it is already doing enough to ensure risk is controlled without needing to publish stricter rules.
Instead, the FSA will "keep to our existing approach and not offer further guidance which would prove too prescriptive for most firms."
The FSA's new handbook on operational risk, which is due for publication next year, is "intended to help ensure that firms have adequate systems and controls to comply with our Conduct of Business and Client Money rules."
Issues covered by CP142 include business continuity, management of employees, information security, outsourcing and the use of insurance to finance operational risk.
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