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Davies warns firms against back office cutbacks

The FSA chairman has warned firms not to prune their back office functions too far in a speech this week.

Davies told the London Human Resources Group conference that a number of firms have been disciplined this year for failures such as poor reconciliations and miscalculations.

“In some of these cases, significant amounts of compensation had to be paid to customers. And we know that poor administration and inaccurate record-keeping damages consumer confidence in financial firms and may be a cause of distress to individuals.”

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