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FSA unites with SFO for bribery act clampdown

The Serious Fraud Office and the Financial Services Authority will be taking a closer look at how well financial services companies guard against “bungs” after the Bribery Act comes into force today, the Financial Times reports.

The SFO will be the lead prosecutor of breaches and must prove bribery to a criminal standard.

Lawrence Graham’s lawyer Eoin O’Shea said: “The FSA’s role will be significant because, in reality, they have to achieve a lower standard of proof.”

Investment banks’ controls in particular would be examined by the FSA, it said last week, as part of the regulator’s next “thematic review”.

Companies can be referred for enforcement action after such reviews into a sector. The SFO is operating an “open door” philosophy and has said it will allow a grace period compliance with the act, as long as companies are open with the agency. It has also said that it could pass on relevant information to the FSA.



BBA continues to defend PPI sales

The British Bankers’ Association is continuing to defend the way banks sold payment protection insurance, despite recent uproar over widespread PPI misselling. Speaking at a Which? conference on financial services reform in London this week, BBA executive director of retail Eric Leenders set out why the trade body launched its judicial review into PPI redress […]

FSA continues crackdown on landbanking

The FSA has secured a summary judgment in the High Court against Stephen Watkins, who traded as Consolidated Land UK, for illegally selling land to UK consumers. The judgment, which was handed down by the court without a full trial, orders Watkins to make an interim repayment of £920,000 to his victims via the FSA. […]

Inv Trust boards failing to take advantage of RDR, says expert

Brewin Dolphin head of investment companies research John Newlands says he is “deeply concerned” investment trusts are not taking full advantage of the opportunities presented by the FSA’s retail distribution review. The RDR forces financial advisers to consider investment trusts for their clients along with other investment products. Newlands, however, is predicting trusts will fail […]

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  1. Julian Stevens 1st July 2011 at 10:07 am

    You can see where this is heading, can’t you? The FSA will gradually assume more and more of the SFO’s responsibilities, thereby relieving central government of another overhead and lumping it on to the FS industry.

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