Menu
28/03/2008
City Traders Face Closer Scrutiny
Chancellor Alistair Darling wants to give the Financial Services Authority and the City watchdog more power.
Mr Darling plans to give the City watchdog the power to offer those who give evidence about market manipulation immunity from prosecution.
The planned action follows HBOS shares crashing last week by what was labelled as a "whispering campaign".
In an interview with the Guardian, the Chancellor said: "I can’t allow us to get into a situation where people quite deliberately manipulate markets for personal gain and with the potential to destabilise the financial system.
"We have a duty to ensure we have clean and efficient markets. We will come down hard on people manipulating the system."
Under the proposals, which will need to go through the normal legislative process, the FSA would get plea bargaining powers and the watchdog would get "specified prosecutor" status.
The FSA who has lobbied for more powers has welcomed the move.
Chris Brennan, one of the partners at law firm Barlow Lyde & Glbert said that the proposed changes may not succeed in putting a stop to market manipulation.
"It is extremely difficult to prosecute. Insider dealing often involves purely circumstantial evidence that is not sufficient in most criminal cases.
"I am not sure the whistleblowing provisions will help, but the plea bargaining may well incentivise individuals to plead and avoid the need for a trial."
HBOS shares fell by almost 17% prompting the FSA to warn that it would "not tolerate traders starting false rumours" about firms to make cash.
(DS)
Mr Darling plans to give the City watchdog the power to offer those who give evidence about market manipulation immunity from prosecution.
The planned action follows HBOS shares crashing last week by what was labelled as a "whispering campaign".
In an interview with the Guardian, the Chancellor said: "I can’t allow us to get into a situation where people quite deliberately manipulate markets for personal gain and with the potential to destabilise the financial system.
"We have a duty to ensure we have clean and efficient markets. We will come down hard on people manipulating the system."
Under the proposals, which will need to go through the normal legislative process, the FSA would get plea bargaining powers and the watchdog would get "specified prosecutor" status.
The FSA who has lobbied for more powers has welcomed the move.
Chris Brennan, one of the partners at law firm Barlow Lyde & Glbert said that the proposed changes may not succeed in putting a stop to market manipulation.
"It is extremely difficult to prosecute. Insider dealing often involves purely circumstantial evidence that is not sufficient in most criminal cases.
"I am not sure the whistleblowing provisions will help, but the plea bargaining may well incentivise individuals to plead and avoid the need for a trial."
HBOS shares fell by almost 17% prompting the FSA to warn that it would "not tolerate traders starting false rumours" about firms to make cash.
(DS)
Related UK National News Stories
Click here for the latest headlines.
11 July 2013
Expenses Watchdog Backs MP Pay Rise
The Commons expenses watchdog has backed a plan to give MPs a £6,000 pay rise – bringing their yearly salary to £74,000. However, while recommending the pay rise, the Independent Parliamentary Standards Authority (IPSA) has also called for cuts to perks, including meal allowances, taxis and pension schemes.
Expenses Watchdog Backs MP Pay Rise
The Commons expenses watchdog has backed a plan to give MPs a £6,000 pay rise – bringing their yearly salary to £74,000. However, while recommending the pay rise, the Independent Parliamentary Standards Authority (IPSA) has also called for cuts to perks, including meal allowances, taxis and pension schemes.
19 October 2009
FSA Sets Out Major Reforms For The Mortgage Market
The Financial Services Authority (FSA) today set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
FSA Sets Out Major Reforms For The Mortgage Market
The Financial Services Authority (FSA) today set out proposals for the major reforms required in the UK mortgage market to ensure that it works better for consumers and is sustainable for all market participants.
26 January 2005
Department of Health encourages egg and sperm donation
A campaign by the Department of Health is urging British men and women to donate sperm and eggs to help couples with fertility problems have children. The 'Give Life, Give Hope' campaign will target men aged between 28-45 and women aged between 28-35.
Department of Health encourages egg and sperm donation
A campaign by the Department of Health is urging British men and women to donate sperm and eggs to help couples with fertility problems have children. The 'Give Life, Give Hope' campaign will target men aged between 28-45 and women aged between 28-35.
24 September 2003
FSA 'task force' to aid consumer confidence in financial industry
The Financial Services Authority (FSA) is to set up a task force designed to "significantly raise" consumers' capability and confidence in dealing with financial services and products.
FSA 'task force' to aid consumer confidence in financial industry
The Financial Services Authority (FSA) is to set up a task force designed to "significantly raise" consumers' capability and confidence in dealing with financial services and products.
15 October 2014
UK Unemployment At Six Year Low
UK unemployment has fallen below two million for the first since 2008, the latest figures from the Office for National Statistics (ONS) reveal. In the three months to August this year unemployment fell by 154,000, the ONS figures showing that the rate now stands at 1.97 million, or 6%.
UK Unemployment At Six Year Low
UK unemployment has fallen below two million for the first since 2008, the latest figures from the Office for National Statistics (ONS) reveal. In the three months to August this year unemployment fell by 154,000, the ONS figures showing that the rate now stands at 1.97 million, or 6%.
-
Northern Ireland WeatherToday:A cloudy day with outbreaks of mainly light rain at times, although there may be the odd heavier burst. Driest in the south and east during the afternoon. Moderate southwesterly winds. Maximum temperature 11 °C.Tonight:Staying cloudy throughout the evening and overnight period with a little rain or drizzle at times. Mild overnight with light winds. Minimum temperature 7 °C.
