Watchdog's survival is relief for corporate fraud lawyers?

Published on 27 May 2010 under category: legal

Corporate fraud lawyers in the UK may be pleased by news that the financial services watchdog has survived the government's £6.25 billion worth of public spending cuts.

The Financial Services Authority's (FSA) future has been in doubt since the Conservative party proposed plans to scrap it and create a separate consumer protection agency, ahead of the election.

However, in this week's Queen's Speech, it was evident that it will survive, albeit with its powers merged with other industry agencies.

Since the beginning of the year, the FSA has been on a drive to cut out endemic levels of corporate fraud in the industry, which may have meant calling in corporate fraud lawyers.

It has so far made several high-profile arrests, including cracking down on two insider dealing rings.

Other finance industry regulation outlined for the Financial Services Regulation Bill included giving the Bank of England control of "macro-prudential regulation".

It would also oversee the drawing up of micro-prudential regulation.

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