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Companies risk falling foul of regulator over Year 2000

Financial services companies could fall foul of the regulator over Year 2000 compliance by failing to properly document their plans.

Law firm Cameron McKenna is warning that many financial service companies are not taking the right steps to demonstrate Year 2000 compliance to the Financial Services Authority.

A survey of 100 financial services companies found 33 per cent had failed to sufficiently document their contingency plans.

And 34 per cent of companies are defying the regulator by handing responsibility for Year 2000 projects to the head of IT and not to senior management.

It also found 43 per cent of those surveyed did not intend to submit their plans to the FSA.


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