FCA chief executive Martin Wheatley has suggested the regulator should be given powers to use surveillance and wire tapping in its investigations.
In a Treasury select committee hearing this morning, Wheatley was asked by Labour MP John Mann if there were any powers the regulator wanted that Parliament has not yet given it.
Wheatley said: “There are certain areas which are not part of the UK regime that are part of the US regime, so the use of wire tapping and covert intelligence to obtain evidence.
“Now that is a big question but that is something we don’t have as part of the UK structure. If we had that then we would have probably a slightly different approach to insider training as the [Securities and Exchange Commission] does in the US.”