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Corporate fraud to be prevented by more active UK regulation?

Published on 14 May 2010 under category: legal

The UK government should play an active role in European financial market regulation, according to industry experts.

PricewaterhouseCoopers(PwC) said it was reassured that the new government planned to make regulation of the banking system one of its main priorities – which could root out endemic levels of corporate fraud.

David Kenmir, the director of PwC's financial services practice, said: "The only real long term solution to the [banking] crisis will come from coordinated global action rather than on a territory by territory basis."

The firm called on ministers to prioritise the UK's competitiveness abroad.

An agenda released by the coalition government this week stated that the two parties in government agree "to bring forward proposals to give the Bank of England control of macro-prudential regulation and oversight of micro-prudential regulation."

Other pledges included introducing a banking levy.

It also promised to develop "detailed proposals" to create diversity in the industry.

According to the publication, an independent commission will be created to investigate how retail and investment banking can be separated.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.