BDO calls on FSA to roll out liquidity rules
BDO Stoy Hayward urges FSA to implement key recommendation of the Turner report which was released earlier this month
BDO Stoy Hayward has urged the
Financial Services
Authority to clarify when it will introduce new liquidity rules for banks
and investment firms.
The request from the top 10 firm comes amid speculation that the City
watchdog is considering delaying the target date for the introduction of the new
rules.
The rules – intended to ensure that financial and investment firms have
enough assets to make future payments – were a key recommendation in the Turner
report earlier this month.
The FSA said, when it published plans for new rules in December, that it
hoped to implement them in October this year.
Now, however the regulator is considering pushing that date back to within
the first quarter of 2010, according to a report by the Dow Jones newswire.
Fiona Raistrick, BDO’s head of the financial services regulatory practice,
said: ‘In the current market, it is essential that firms know where they stand.’
An FSA spokeswoman said new liquidity rules will be phased in from the fourth
quarter of this year into 2010, in line with its original plan.