Enhanced supervision now business as usual

The project to improve supervision in the aftermath of the Northern Rock affair is finished and in his closing summary, Hector Sants, FSA chief executive, says the changes wrought should now be part of day to day operations. High impact firms (HIFs) will face a “compulsory and irreducible” schedule of an annual meeting with senior management to look at the business and strategic plans of the firm and a yearly meeting with the external auditors; these will require management information in support, including strategy and operating documents, notably Board reports and the Management Letter issued by the external auditors.