Financial Services Authority - Great Brtain

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The FSA regulates a total of 8000 firms, of which Foot said about half would feel no impact from Y2K. Another 25 per cent would feel "virtually no impact," he said.

He said the remaining 2,000 firms likely to suffer significant problems because of the bug would only be a risk to themselves because they do not hold clients' funds or insurance policies. This includes intermediaries like insurance brokers, he said. There are five compensation schemes (shortly to be consolidated into one) that will cover investors if they lose money after doing businesses with any of the firms which have already been identified as being at risk, Foot said.

Wow. These guys are in great shape.

-- Mike Lang (webflier@erols.com), July 12, 1999


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