FSA warns of treasury management flaws

Its findings, from a series of visits earlier this year, suggest some are still lacking in certain areas, highlighting their continued vulnerability to operational risk and rogue trading losses such as those incurred at Baltimore’s Allfirst Financial last year.

"In most firms visited, we found at least one material failing and in a number of cases there were many significant issues identified," the FSA said in a letter to chief executives of all UK banks and building societies. "Although the