FSA issues Y2K priorities statement as deadline looms

The Financial Services Authority (FSA) has issued a policy statement that covers the remaining tasks and priorities relating to Y2K compliance.

Michael Foot, managing director and head of financial supervision at the FSA, said progress has been made, but the last pieces of the jigsaw must still be put in place.

In particular, he cited the importance of installing backup systems, which can be switched on in the event of failure.

However, Foot remains confident that an acceptable state of readiness will be reached in the UK's financial services industry.