UK

The Financial Groups Directive – coming down the track

Patrick Fell, director, banking & capital markets group, PricewaterhouseCoopers and Melanie McLaren, partner, insurance group, PricewaterhouseCoopers

The FSA has issued new consolidated supervision requirements and proposals that will impact many firms in the United Kingdom.These will result (and in some cases are already resulting) in firms and groups needing more capital, enhanced reporting systems, and improved documentation of systems and controls at group level. They will also impact acquisition, disposal and restructuring decisions.