More Power for Finance Regulator
Published / Last Updated on 29/04/2008
More Power for Finance Regulator
The government has made its firmest commitment yet to give the FSA US-style plea bargaining powers in order to clamp down on market corruption. Alistair Darling has said the watchdog would be given the chance to offer City whistleblowers immunity from prosecution in return for evidence on market abuse. This idea was proposed a number of years ago, but the Chancellor said the government are now convinced it was needed.
The FSA said the regulator welcomed the Chancellor’s announcement and that the extra powers would be a useful tool against corruption. The FSA have recently announced its final proposals for the telephone taping scheme that will come into force from March 2009 on all phone or email conversations pertaining to transactions.
Our view
The regulator needs teeth or they will merely be a lapdog. We fully support the regulator being given stronger powers to deal with corruption provided that power is policed.
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