On September 14, the UK Financial Services Authority (FSA) published the text of a speech by Margaret Cole, FSA Director of Enforcement, about the FSA’s strategy and approach to fighting fraud.

Ms. Cole explained that historically the FSA had used its prosecution powers sparingly. That has changed; it is now committed to a tough stance on markets offenses. It is determined to be a “feared and respected prosecutor” of insider dealing and unauthorized business fraud.

The FSA will increasingly use its criminal powers against insider dealing and in relation to fraud by investment businesses which do not have FSA authorization, rather than proceeding for civil penalties.

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