FSA to charge for UK continuity exercise
LONDON – Charges will be levied on firms that participate in the market-wide business continuity exercise on November 28, according to a letter published by the UK Financial Services Authority (FSA) in early May.
The letter, authored by Hector Sants – managing director of the wholesale and institutional markets division – said the FSA has borne the cost of its increased activity in the business continuity arena out of existing budget allocations so far, but now it requires a supplement. This is partly because it is offering the industry more – the November 28 exercise will include a "more demanding scenario".
According to the letter, it will "incorporate civil contingency aspects and an international
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