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- Title
The FSA gets tough on financial crime.
- Authors
Nattrass, Roland
- Abstract
In its short lifetime the FSA has variously been described as a 'light touch regulator', principles focused, and not being 'enforcement led'. The financial crisis has prompted a broad review of the FSA and its activities, and in turn the FSA has sought to be seen to be getting tougher in its supervision and enforcement strategy. To date, this has been predominantly measured by statements made by its officials. However, the rhetoric appears to be starting to be matched with the instigation of, and success in, more enforcement actions that matter. At the same time the FSA has been gaining broad new powers and expanding its resources in the enforcement arena. The financial crisis has given the FSA additional cause to get tough on regulatory breaches and financial crime. But it remains to be seen whether this focus can be maintained beyond the financial crisis, and in particular whether its agenda of creating credible deterrence really does result in it being seen as a 'scary regulatory'.
- Subjects
UNITED Kingdom; FINANCIAL Services Authority (Great Britain); COMMERCIAL crimes; INTENSIVE probation; FINANCIAL crises; COST effectiveness; SANTS, Hector William Hepburn, 1955-
- Publication
Journal of Securities Law, Regulation & Compliance, 2009, Vol 2, Issue 4, p310
- ISSN
1758-0013
- Publication type
Article