Posted on 25 November 2009
In a speech to the British Bankers Association on 19 November 2009, Margaret Cole described the FSA's role in crime prevention and prosecution. Some key points of interest were:
- Gatekeeper for the regulated sector - The FSA has built stronger links with overseas regulators, devoted greater resources to due diligence and adopted a more enquiring approach to vetting applications for authorisation in order to prevent new entrants to the regulated sector if there is any question relating to their fitness or propriety.
- Supervision - The way in which firms evaluate and manage all forms of financial crime risk will be considered by the FSA in supervisory visits.
- Senior management responsibility - The FSA expects senior management to demonstrate leadership on financial crime issues and to take responsibility for mitigating those risks.
- FSA prosecutions - The FSA will continue to focus on prosecuting insider dealing, other market offences and unauthorised business, such as boiler room scams. Recent judicial authority (R v Rollins and R v McInerney) confirms that the FSA can prosecute money laundering offences and conspiracy in addition to insider dealing.
Related Link: Transcript of the speech
