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Corporate fraud watchdog keeping firms in line?

Published on 17 May 2010 under category: legal

Firms are more worried about that finance industry watchdog now than they were during the economic crisis, according to a new survey.

A survey by Complinet, a compliance and regulation information service, has found that 85 per cent of businesses are worried about increased levels of scrutiny from the Financial Services Authority (FSA).

The regulator has been cracking down on corporate fraud and professional negligence in the past three years, in a bid to salvage public trust in the financial services industry.

According to the poll, almost three-quarters (74 per cent) of companies believe that the FSA is now much better prepared and well-staffed for inspections.

Secondly, the level of scrutiny has become more thorough, according to some industry figures surveyed by Complinet.

Susannah Hammond, the former head of compliance at Complinet, said that recent high-profile fines had made it clear that the FSA was asserting its will.

However, the regulator is set to face tough times itself, as the Conservative party has recently spoken of breaking up the three finance agencies.

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