Financial Regulatory Forum

UK financial regulatory changes sharpen accountability of senior managers

By Susannah Hammond

LONDON, March 18 (Complinet) The new UK financial regulatory architecture is taking shape. The new bodies, their responsibilities and reporting lines are currently being consulted on and seem likely to be fairly close to the structures which will be in place by the end of 2012.

The regulatory philosophy which will underpin the new architecture has already been trailed as being more of the same intrusive and intensive approach to supervision. But it is also clear that senior managers of regulated firms will faced increased scrutiny as the regulators focus on individual accountability.

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UK plan for early notice of insider-trading probes draws criticism

By Peter Elstob

LONDON, Feb. 18 (Complinet) – UK regulatory lawyers have united in their concerns about giving the new Financial Conduct Authority the power to make insider dealing and other investigations public at their initial stage.

The government proposed giving the controversial “early publicity” power to the FCA — the successor body to the Financial Services Authority that will regulate retail, wholesale, and markets conduct of business — in a consultation document that it published on Thursday. (more…)

NEWSMAKER – Chief enforcer takes tough line on UK market abuse

By Clara Ferreira-Marques and Huw Jones

LONDON, March 30 (Reuters) – A tough-talking, high-flying litigator, Margaret Cole joined Britain’s financial regulator five years ago as it began a crackdown on market abuse.

London’s biggest-ever swoop on an alleged insider dealing ring last week — a drama involving some of London’s best-known institutions and seven arrests — was evidence for many that this self-assured lawyer means business.

The UK’s Financial Services Authority (FSA), where Cole is director of enforcement and financial crime, has in the past been criticised for being too soft on market abuse, where cases are notoriously lengthy, complex and tough to nail.

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