The FSA attacks insider traders
The Financial Services Authority (FSA) has this evening launched a heavy attack on the U.K.'s investment banks, lawyers and accountants accusing them of failing in their duty to stop employees using privileged information. The FSA has for some time been looking at ways and means of reducing "insider trading" which has been a bugbear of the regulator for many years. The recent civil action against two convicted insider traders seems to have given the project more impetus and further actions are expected in the short to medium term.
However, the FSA is looking to tighten internal regulations regarding the investment community and also introduce formal internal investigation guidelines. It would appear that the regulator has grown tired of the way in which fingers are pointed at each and every party in many takeovers and corporate activities without any one person or any one company taking overall responsibility. While many people consider insider trading to be a victimless crime, there are substantial illegal profits being made in this way which have a knock-on effect to other investors and the wider economy.
It will be interested to see if the FSA is able to take tighter control of potential insider dealing activities and bring more alleged traders to justice.
Share this..
Related stories
Ryanair Set To Slash Fares In High Risk Gamble
It has today been announced that under pressure budget airline Ryanair is set to offer one million seats next month at a rock bottom price of just £5, including taxes and additional charges. The fact that the move will see the group lose at least £5 per seat (as it will not even cover the £10 air passenger duty charge) has surprised many in the industry amid suggestions that this high risk pol...
Read MoreScottish house prices 'spike'
House prices in Scotland have soared during the last quarter, new data has shown.The "unusual price spike" was felt across Scotland in the three months to the end of April, with property values in Aberdeen, Edinburgh and Dundee all rapidly rising.Lloyds TSB Scotland, which conducted the research, attributes the increases to a seasonal rise in mortgage transactions, a low number of properties on th...
Read MoreAudit commission identifies £215 million of public sector losses
The Audit Commission has today issued a report for the tax year 2008/9 in which cross-referencing of records in areas such as deaths, expired visas, benefits, students and tax returns has identified a loss of public sector finance in the region of £215 million. This money is alleged to have been lost due to error, fraud and overpayments by an array of local governments in the UK at a time when pu...
Read MoreGolden Goodbyes In The Mortgage Market
In a move which is as bizarre as it is attractive to mortgage customers, specialist mortgage firm Edeus is looking to offer literally thousands of customers discounts on what they owe, if they take their business elsewhere. The move is the first of its kind in the industry and suggests that the group is in immediate need of cash and being forced to cash in all of its chips.
So far...
Will you be changing your spending habits?
Now that the UK government's emergency budget is out of the way we can start to see how these changes will impact upon the everyday life of people in the UK. Despite the fact that many of us may not intentionally change our spending habits there is no doubt that such basic changes as an increase in VAT will mean less money in our pockets. So will you be changing your spending habits? The truth...
Read More