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Government and FSA to review MF Global collapse

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Treasury 480

The Government is launching a review into the failure of MF Global in tandem with the FSA.

The review will look into the “broader issues” arising from the MF Global administration with a particular focus on the time it took for assets to be returned to investors.

In October 2011, MF Global was the first firm placed in the FSA’s special administration scheme.The SAR is set-up to ensure clients assets are returned as soon as possible and to either rescue the investment firm as an ongoing concern or wind it up in the best interest of creditors.

The review was announced as part of the Government’s proposals, published today, to help authorities deal with financial failures. It focuses on possible failures of investment firms, central counterparties, other financial market infrastructure firms and insurance banks.

The Government has deemed that all investment firms have the potential to be systemic and, should they fail, pose a risk to the UK’s wider financial stability and is proposing the introduction of a resolution regime for systemic investment firms incorporated in the UK. The Government says the regime would be extended to capture the parent undertakings of systemic investment firms and deposit taking institutions.

 

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Readers' comments (2)

  • That'll be the FSA that claims on its website to be independent from the government, will it?

    And the government that claims via Mark Hoban that the FSA is a body independent from the government?

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  • I HAVE BEEN IN CONTACT WITH THE FSCS FOR 9 MONTHS! NOW AND THEY CONTINUALLY MOVE THE GOAL POSTS, CONSTANTLY MOVING MY CASE FROM ONE DEPARTMENT TO ANOTHER.I HAVE SUPPLIED THEM WITH ALL THE INFORMATION THAT THEY REQUIRED WHICH TOOK ME 5 MONTHS TO PUT TOGETHER GOING BACK AND FOURTH FROM THE ADMINISTRATORS AND THE FSCS.(PLEASE CORRECT ME BUT ISN'T THAT THEIR JOB)ALL THEY ARE INTERESTED IN IS TO LOOK AT THE SMALLEST REASON NOT TO PAY COMPENSATION, THEY JUST MENTALLY WEAR YOU DOWN CONSTANTLY HOPING THAT YOU JUST THROW THE TOWEL IN AND WALK AWAY.I HAVE CANCELLED MY PENSION OVER THIS AND WILL NEVER EVER INVEST IN ANYTHING THAT DOESN’T INVOLVE BRICKS AND MORTAR AND NOR WILL MY CHILDREN! THE FSA AND THE FSCS IS NOTHING BUT A SHAMBLES AND SHOULD BE DISBANDED...

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