FSA and FOS committee to 'scan' for market risks

In conjunction with the financial ombudsman (FOS) and Office of Fair Trading (OFT), the committee will attempt to identify risks which could become "widespread problems". The FSA says the work of the committee, set out in a discussion paper today, would update the 'wider implications' process to take pre-emptive action to stop risks spreading. Currently, the wider implications process is often triggered after a problem has already taken its toll on the industry and consumers. The new committee would seek to rectify this shortcoming. It will consist of specialists from the FSA, OFT...