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FSA toughens its stance on corporate fraud

Published on 18 May 2010 under category: legal

The managing director of supervision at the finance industry watchdog delivered a speech today to outline the agency's tough new stance.

Jon Pain told attendees that the Financial Services Authority would be adopting a new "intensive" approach to supervision following the "lessons" of the financial crisis.

This would include becoming more proactive, focusing on senior management, making quicker decisions and becoming better versed with business models in order to be well-equipped to make decisions.

Mr Pain also highlighted how the agency had increased its staff in order to specifically target bigger firms.

Commenting on changes in the banking landscape after the recession, he said: "The life-support governments and central banks have and continue to provide around the globe are a stark reminder of the need for a more resilient financial sector.

"The financial sector must be capable of standing on its own two feet and not have the expectation that the taxpayer will always be the provider of the last resort."

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