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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.

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