On 1 October 2010, the Financial Services Authority (FSA) published its newsletter for smaller wholesale insurance intermediaries. The principal focus of the newsletter was the FSA's evaluation of a sample of such firms' financial adequacy assessments. The FSA's main findings were that the assumptions underlying the stress tests used were overly optimistic, scenario-testing did not always feature in assessments (and where it did, it was overly-optimistic), management had failed to recognise the value of the assessment and there was a discrepancy between the assessment result and such firms' internal risk registers.