Financial services, or more particularly the Financial Services Authority (FSA), hit the headlines last week after a National Audit Office (NAO) report declared in no uncertain terms that the financial watchdog needs to be better coordinated if the UK is to retain its position as a premier international financial services market.
The report, which was the result of the NAO’s first-ever audit of the FSA, called for the authority to improve the way it uses its resources and how it dovetails with other regulators. Although the report did concede that the authority is well regarded internationally.
This Financial Services and Pensions Special Report highlights how the new Markets in the Financial Instruments Directive will transform the financial services market. It also examines the conflicts thrown up by pension fund trustees negotiating with employers and the use of derivatives to manage deficits in defined benefit pension funds.