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Field sets out bill to ban short-selling

Labour MP Frank Field is set to launch a private members’ bill this week calling for a ban on the short-selling of shares.

The ban would give the FSA the power to impose unlimited fines or imprisonment on traders who practise short-selling and would force pension fund trustees to disclose if they have lent shares to short-sellers. A separate early day motion proposed in February calling for a ban attracted 33 Labour signatures.

Field has called for information to ascertain if the MPs’ pension fund has been used for short-selling.

The FSA’s ban on the short-selling of financial shares ran from September 2008 to January 2009.

Chelsea Financial Services managing director Darius McDermott says: “I am surprised that a man who is generally regarded quite highly in financial services circles has made such a rash statement. Bringing in an overall ban on short-selling would be a backward step. The last thing the finan- cial services industry needs is regulation with hindsight. This is extremely unhelpful.”


Remuneration code set to cover retail investment

The FSA is considering extending its code of remuneration practices to retail investment advisers despite admitting that adviser remuneration did not play a significant role in the credit crisis.In its consultation paper,entitled, Reforming Remuneration Practices in Financial Services, which was published last week, the FSA proposed new handbook rules for the UK’s 45 biggest banks, […]

I predict an unworkable scheme

Just how much worse can the FSA’s endless stream of new initiatives be allowed to get? The replacement of regulation by hindsight with regulation by predictions handed out by overpaid and underqualified people with no experience of running a business, much less being an IFA, is positively Kafkaesque. There really is no other appropriate term. […]


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