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Strong focus on high-risk companies

The FSA will strengthen its supervision of banks and “high-risk” firms with “a more intense regulatory approach”.

It says it is spending 40m on supervisory enhancement. Chairman Adair Turner says: “The more intense regulatory approach which we do believe essential will inevitably involve a significant increase in resources and significant increases in fees.”

The FSA says it will also focus on improving the effectiveness of a European regulatory regime and strengthening regulatory cooperation on a global scale.

Turner says the FSA needs to review a “wide range” of regulatory policies, which he says should be agreed at an international level. He says: “Our participation in international forums such as the Financial Stability Forum and the Basel Committee and their various sub-groups has increased in importance.

“In March, we will publish the major review of the regulation of banks and bank-like institutions which the Chancellor asked me to conduct when I took over as chairman.”


People on the move: Investment 19/02/2009

Credit Suisse’s global head of fixed income Paul Griffiths will join Aberdeen in the same role after the group’s proposed acquisition in June. Griffiths will replace Gary Bartlett, who has departed the company.


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