UK government grant FSA new powers
The last decade has seen a number of high-profile criminal cases collapse in the courtrooms of the UK after various witness testimonies were removed at the last minute. However, the UK government has today announced plans to grant the FSA powers of immunity so that they can actually bring witnesses to court in the knowledge that they will not be prosecuted themselves. This is seen by many as a substantial move in the right direction and one which should see criminal case success rates move higher in due course.
The hedge off that will see a number of witnesses escape any action in exchange for testifying against other criminal elements would seem a fair situation and one which should allow the ringleaders of these criminal and fraudulent schemes to be brought to justice. UK consumer confidence in the FSA and its powers to prosecute have been severely dented over the last decade due to these high-profile cases which have often collapsed due to a lack of evidence or the complex nature of the charges.
As in the US, it is expected that UK regulators across the board will receive much more in-depth assistance from the UK government in the form of new rules and regulations and a significantly tighter legal framework. The jury is currently out regarding how this latest announcement will affect criminal prosecution rates but anything which increases consumer and investor confidence is most certainly a step in the right direction.
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