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Tories could scrap Serious Fraud Office in financial crime shake-up

The Tories could create a new agency to tackle financial crime which would lead the closure of the Serious Fraud Office if they win the next election, according to reports.

City lawyers believe that agencies including the SFO could be scrapped and replaced by one body potentially called the Financial Crime Agency, according to The Times.

These plans would form part of the Tories’ overhaul of financial services regulation which would involve scrapping the FSA and transferring responsibility for regulating financial institutions to the Bank of England.

An agency for financial crime would take over the FSA’s enforcement division and the SFO and may also take on the new Consumer Protection Agency’s responsibilities for pursuing financial crime.

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  1. Tories could scrap Serious Fraud Office in financial crime shake-up
    And who will staff the new agency in place of the SFO? Unemployed school leavers? Scrapping one agency and replacing it with another sounds all very grand and radical, but surely this is mostly tough talk with virtually no workable plan as to how it’ll actually be implemented. Meet the new boss ~ the same as the old boss, which is just the way the CPA will be in place of the FSA.

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