By Financial Services Authority

The monetary providers Authority (FSA) this day released its monetary possibility Outlook (FRO) caution businesses and shoppers of the hazards inherent in a considerably much less benign financial surroundings. Its critical situation identifies the subsequent 5 precedence hazards: * current enterprise versions of a few monetary associations are less than pressure because of hostile marketplace stipulations; * elevated monetary pressures could lead on to monetary businesses moving their efforts clear of concentrating on behavior of commercial specifications and from preserving and strengthening business-as-usual procedures; * marketplace contributors and shoppers may perhaps lose self belief in monetary associations and within the specialists’ skill to guard the economic system; * an important minority of customers may possibly event monetary difficulties as a result of their excessive degrees of borrowing; * Tighter fiscal stipulations may perhaps raise the prevalence or discovery of a few kinds of monetary crime or bring about organisations’ assets being diverted clear of tackling monetary crime.

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They will need to strengthen their stress-testing practices in this area, and translate them into detailed contingency funding plans in order for them to be effective. Stress testing is discussed in more detail in the Priority Risk on Increased financial pressures. The liquidity crisis has highlighted the importance of maintaining the confidence both of counterparties in the wholesale markets, and of savers and customers in the retail deposit market, as discussed in the Priority Risk on Loss of confidence.

Back-office operations In previous editions of the Financial Risk Outlook we have noted the pressures on firms’ back-office and documentation procedures as a result of the rapid growth in the credit derivatives market. If firms are not able to keep up with this growth, they could face operational and legal risks. In general, credit derivative trade confirmation backlogs have been reduced while deal volume has grown rapidly Operational disruption Widespread operational disruption could be caused by a number of high-risk events.

However, even once consumers’ confidence in the deposit protection scheme is reinforced, it is likely that the rise of electronic banking, more rapid communication of news and rumours over the internet will make retail deposits less ‘sticky’. Firms should stress test their businesses (both their prudential soundness and their electronic infrastructure) accordingly. 29 Financial Risk Outlook 2008 Section B – Priority Risks A significant minority of consumers could experience financial problems because of their high levels of borrowing Against the background of benign economic conditions in recent years, the stock of UK household debt has risen to record levels and there has been a sharp rise in defaults on unsecured credit.

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Financial Risk Outlook by Financial Services Authority


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