We welcome the opportunity to comment on this draft “Dear CEO” letter and broadly support the four key themes identified from the FSA review. The adequacy of firms’ asset and liability management practices is of course of legitimate interest of the regulator, even if some of the prescriptive detail contained in the letter is perhaps excessive. Firms may need, and indeed, welcome suggestions on governance in general but not to the degree where, for example, the contents and circulation of committee minutes are specified. That should be left to the individual firm to decide.

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