The Financial Services Authority is preparing to crack down on large banks and insurers which are failing to keep their records up to date and potentially pose a risk to the financial system, says the Guardian .
Sir Callum McCarthy, chairman of the FSA, told an audience of City professionals last night the regulator was prepared to work on a "transatlantic basis" to ensure such "operational issues are kept under control". He delivered his Mansion House speech the day before representatives of the FSA meet regulators from the Federal Reserve Bank of New York and 14 major players in the credit derivatives market who have been ordered to improve the paper trail for their complex deals. The regulators have been concerned the 40 or so days it was taking to confirm trades in this fast-growing market ...
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