In the UK, the Financial Services Authority (FSA) has been pursuing an investigative ap-proach. While en-forcement action has been (and presumably will be) taken in future in cases of abuse, the emphasis has been on understanding the extent to which insurers are using financial engineering contracts to improve their balance sheets, thus masking the true financial health of their company.The FSA's consultation paper recognised the validity of financial engineering as a method of strengthening
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