Corporate fraud watchdog to be put down?

Published on 21 May 2010 under category: legal

The finance industry watchdog faces an uncertain future, following new announcements from the coalition government.

In a document published yesterday (May 20th), the new administration pledged to create a single body with responsibility for white collar crime.

"We take white collar crime as seriously as other crime, so we will create a single agency to take on the work of tackling serious economic crime that is currently done by, among others, the Serious Fraud Office, Financial Services Authority (FSA) and Office of Fair Trading," it pledged.

Currently, the FSA is responsible for tackling corporate fraud.
The publication has sown fresh doubts about the organisation, which has been under increasing fire for its failure to scrutinise industry activity that led to the recession.

However, earlier in the week the Liberal Democrats were said to have secured the organisation's future.

Other measures in the coalition document include working on proposals to give the Bank of England more powers to oversee banking regulations, which is currently the role of the FSA.

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