In Policy Statement 06/10, Integrated Regulatory Reporting (IRR) Credit institutions and certain investment funds the FSA reported that it would be setting a high threshold for obtaining a waiver of FSA017 (interest rate gap).

The FSA has now published on its website guidelines for those firms wishing to make an application for a waiver of FSA017. In the guidelines the FSA states that if a firm is planning to apply for a waiver of FSA017 then it should first speak to its relationship manager at the FSA. The manager will then start an approval process and when discussions are complete the FSA will tell the firm whether it will consider a waiver. Firms are requested to only submit their application for a waiver once they have received this confirmation from the FSA.

View Reporting on interest rate risk in the non-trading book: FSA017, 4 October 2007