FSA cautions 12 over Y2K non-compliance.

The Financial Services Authority is threatening to close down up to 12 banks and life assurers if th...

The Financial Services Authority is threatening to close down up to
12 banks and life assurers if they fail to become millennium-compliant as
they pose a serious risk to retail customers.


Michael Foot, the FSA's managing director of financial supervision, said:
"In the last resort and where it is apparent there is no better way to
protect depositors, investors and policyholders or the integrity of
markets, we will take action to restrict a firm's business, or in extreme
cases to remove