Home Office and Treasury battle over financial crime powers
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The FSA may still lose its enforcement powers to a new force that will take over from the Serious Organised Crime Agency in 2013.
According to documents seen by The Times, Home Secretary Theresa May is considering passing the FSA’s enforcement powers to the new National Crime Agency.
The Home Office is already planning to break up the Serious Fraud Office to give the National Crime Agency responsibility for investigating large, complex fraud and corruption cases, with the Crown Prosecution Service bringing them to court
The report says that May is looking at taking the powers away from the financial regulator, despite Treasury plans for the FSA’s enforcement powers to pass on to the Financial Conduct Agency when it takes over markets and consumer protection functions next year. The report says the shake-up by the Home Office may result in a turf-war with the Treasury, which has reiterated that enforcement would stay within the FCA remit.
Interim head of the FSA conduct unit Margaret Cole (pictured) fought to keep control of the enforcement team once its prudential regulation functions transfer to the Bank of England.
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Readers' comments (1)
M J Winfield | 27 Apr 2011 10:45 am
What will happen to the Margaret's pot of gold, will it still be there to reduce members costs, or is it alredy lost in the scheme of things.
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