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FSA says most firms reaching Y2K compliance standards

The Financial Services Authority says most financial groups are Millennium compliant.


FSA financial supervision managing director Michael Foot says: &#34For high impact groups, where problems could have a big effect on retail customers or the markets, our assessment shows around 58 per cent are on track for Year 2000 compliance.


&#34Thirty-five per cent are behind but likely to get on track and less than 8 per cent pose a serious risk.&#34


Foot was providing a detailed analysis of the &#39Traffic Light&#39 assessment, the FSA&#39s Y2K research project.


He continued: &#34For medium impact groups, the overall position is that 40 per cent are on track,.45 per cent behind and 15 per cent pose a serious risk.&#34


Foot also stressed that he was talking about the FSA&#39s assessment at the end of 1998 and hoped that the situation will have improved further when March&#39s snapshot is taken into account.

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