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Waters&#39 firm ideas on risk categories

Key to the new risk-based regulatory approach at the FSA is deciding how much attention individual firms need. Responsible for deciding what category of risk authorised firms fall into at the regulator is Dan Waters.

As director of risk assessment under managing director Carol Sergeant, Waters is res-ponsible for implementing this new strategy.

He has held this position since April 2001 and before that, he was director of enforcement from June 1998.

There are four categories of risk, with A for firms which have the highest level of risk and therefore regulatory attention, and D for those with minimal risk. The majority of IFAs fall into category D or C if they do not handle client money.

Waters, an American, arr-ived in the UK in 1993 to take up a post as director of enforcement at Imro, a job he did for three years.

Following that, he was dir-ector of monitoring and enf-orcement with the investment regulator until 1998 when he joined the FSA. In the US, Waters spent six years as head of international enforcement operations for the Commodity Futures Trading Commission, the body responsible for the regulation of the financial and commodity derivatives markets and market intermediaries. In Washing-ton, he spent six years as a trial attorney in the CFTC&#39s enforcement division.

As it is, Waters decides how much attention the regulator pays to IFA firms and is somebody advisers should be aware of in the new regime.


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