Industry corporate fraud watchdog 'has had radical year'

Published on 15 Jun 2010 under category: legal

The industry watchdog has said that the past year has been a period of 'rapid change' as it reforms its approach to corporate fraud and other endemic problems in the financial sector.

In its annual report published yesterday (June 10th), the Financial Services Authority (FSA) highlighted how the body had introduced new procedures to meet higher expectations following the economic downturn.

Corporate fraud lawyers may have been in even greater demand because of the crackdown by the FSA on suspicious activity.

In total, the agency gave out 46 fines which amounted to a total of £33.6 million and made two high-profile criminal prosecutions.

Some of the changes it outlined in its report included more international debate over regulation, more investigation into business models and a stronger focus on consumer protection.

The publication of the report follows an uncertain two months for the FSA which has been threatened with dismantlement by the Conservatives.

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