Monday, March 30, 2009

The first of many I hope

FSA secures first jail term for insider dealing

Insider dealing solicitor caught out, surely there must be many city types who are very worried now.

Posted by tim miller @ 04:53 PM (879 views)
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2 thoughts on “The first of many I hope

  • bidin'matime says:

    He was a lawyer, so not one of their banking buddies.

    And they spent 6,000 man hours on the case – god knows what they would spend trying to catch a real crook…

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  • bidin – you should take a look at this : http://www.opsi.gov.uk/ACTS/acts2000/ukpga_20000008_en_17#pt14-l1g206

    206 Financial penalties (1) If the Authority considers that an authorised person has contravened a requirement imposed on him by or under this Act, it may impose on him a penalty, in respect of the contravention, of such amount as it considers appropriate.
    (2) The Authority may not in respect of any contravention both require a person to pay a penalty under this section and withdraw his authorisation under section 33.
    (3) A penalty under this section is payable to the Authority.

    …. i know this is slightly different but the FSA do have the tools at their disposal (of course there are appeal provisions), now when and how they use them……. I suppose if they levied fines left right and centre they would be accused of feathering their nest…there has to be a balance.

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