FSA: Firms failing on platform risk management

Speaking at today's The Platforum conference, the FSA's Rory Percival said amongst 12 firms selected for in-depth investigation as part of its Thematic Review - published in March - not one had put in place adequate risk management and oversight arrangements when changing business model. "We did not have a single good practice example in our report on oversight arrangements and this is simply not acceptable," Percival told delegates. Changing business model encompasses both wholesale changes and the offering of new services, Percival said. He added the area is a particular area of ...