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FSA says it poses a risk to firms

The FSA has admitted its own actions pose a risk to firms and as a result puts pressure on itself, in a statement identifying risks in the coming year.

The statement concedes that the regulator&#39s own actions will add risk to the marketplace, stating that the substantial volume of reform will create pressures on firms&#39 resources.

Chairman Callum McCarthy admits that firms in wholesale and retail activities are facing a difficult challenge in the next few years as a “great raft” of international and domestic policy reforms comes to fruition.

The FSA remains concerned about the weak financial position of life insurers despite the recovering equity markets.

The regulator is concerned that life companies have been unable to benefit from the upturn in equities because they have generally reduced their equities exposure.

The FSA points towards the marked decline in dem-and for life companies&#39 traditional products such as with-profits policies and individual pensions.

McCarthy says: “Inevitably, managing and implementing these changes effectively will impose costs on firms and pressure on us as regulators.”

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