Who should monitor insider dealing in the UK?
Hector Sants, the outgoing chief executive of the Financial Services Authority (FSA), has today joined the debate regarding insider dealing and the handling of this particularly "hot potato" in the future. As part of the shakeup of the FSA, and the Bank of England, George Osborne had initially indicated that insider dealing would fall under the auspice of the new Economic Crime Agency. However, Hector Sants believes that the new Consumer Protection and Markets Authority, which is effectively replacing the FSA, should take overall control of prosecuting alleged insider dealers in the UK.
After Gordon Brown's major shakeup of the UK regulatory regime back in 1997 we are yet again on a similar path with George Osborne set to strip the FSA of many of its powers and transfer the vast majority back to the Bank of England. Mervyn King is likely to become one of the most influential and powerful central bankers in the world and play a prominent role in the UK regulatory regime going forward.
However, there is some concern that much of the good work done by the FSA, especially over the last few years, may well be discounted and effectively ignored.
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