The main risks facing financial firms, consumers and the regulatory system as a result of the economic downturn have been set out by the Financial Services Authority (FSA).
Its latest Financial Risk Outlook (FRO) highlights the challenges created by deleveraging in the banking sector and in the wider economy as the recession continues.
The report addresses the need for banks to alter their business models to reflect deteriorating market conditions.
Companies are also reminded of their obligation to treat customers fairly and offer support to those experiencing financial difficulty.
See full Press Release.
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