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Eight firms still risking Year 2000 compliance failure


Eight financial services companies are at risk of failing to be &#39Year 2000&#39 compliant, according to Action 2000, the Government-sponsored monitoring body.


In its latest update, it says the eight, some 2 per cent of the industry are under intensive supervision as they continue to &#39present a material risk&#39.


A further 32 per cent of firms are behind schedule but are expected to catch up within the time limit set.


The majority of groups assessed by the Financial Services Authority, some 66 per cent, were found to have nearly or successfully completed their Y2K programmes.


FSA managing director and head of financial supervision Michael Foot says: &#34We are keeping up intensive supervision of those firms who are behind in their preparations.


&#34As I have said repeatedly, we would not hesitate to take action in order to protect the interest of depositors, policyholders and investors. The time for tough decisions is approaching. The next couple of months is crucial for the laggards.&#34

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