FSA warns credit crunch could get worse

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THE FSA has stepped into the current economic debate, urging lenders to protect themselves against a possible worsening of liquidity and credit risks.

Speaking at the Council of Mortgage Lenders Annual Conference, Clive Briault, FSA retail managing director, stressed that firms should be assessing their funding and liquidity positions and undertaking stress testing to reflect current and prospective market conditions; with the view that the outlook could worsen into next year. Briault said that firms should be reviewing and assessing their medium and longer term strategies and the options open to them, as well as considering contingency plans against the worst outcomes. He added that the regulator is to take an urgent look at whether...

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