Summary of FSA PS 09/16: 5th October 2009

FRSGlobal

This comment piece, produced by Selwyn Blair-Ford, Senior Domain Expert at FRSGlobal, is a detailed summary of the Policy Statement issued by the FSA on 5th October in relation to the liquidity regime.

The report is a summary of the detailed policy statement issued by the FSA and explains the issues that directly impact UK firms. Highlights include:

The FSA has been explicit that they expect every firm to start reporting according to the timescales set out without exception. Rarely has the regulator been so forthright.
The systems and controls apply from the 1st December 2009, which includes full stress testing, internal liquidity management systems.
The BIPRU rules requiring the reporting of stress testing results is still in place, they have taken the opportunity to remind firms of their binding obligations in relation to evidential provision regarding compliance.

Selwyn Blair-Ford
Senior Business Domain Expert, FRSGlobal

Blair-Ford said: "The FSA is giving the industry clear warning that it does not intend to take any prisoners regarding the implementation of the new liquidity regime. Firms need to be absolutely sure they are able to meet all requirements in time."
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