PWC SURVEY FINDS BOARD MEMBERS CONCERNED ABOUT FINANCIAL INSTRUMENTS: Nearly 75 percent of board members at U.S. financial services firms said that the increasing use of sophisticated financial instruments such as derivatives will be the next big area of regulatory focus for the financial industry, according to a survey conducted by Big Four firm PricewaterhouseCoopers.Meanwhile, a near-unanimous 97 percent of board members polled said that the level of due diligence and understanding of sophisticated financial instruments being used in the market should be a major concern for board members.
The survey of 300 board members representing a cross-section of the financial services industry, including the banking, brokerage, investment management, insurance and real estate sectors, was conducted in October at PwC's 2006 Financial Services Audit Committee Forum in New York.
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