The FSA has published a speech by Margaret Cole (Director of Enforcement, FSA) entitled Delivering credible deterrence.

At the start of her speech Margaret Cole (MC) gives a brief overview of what credible deterrence is all about. Credible deterrence is all about delivering outcomes that make a real difference to consumers and to markets. It means delivering results that make people sit up and pay attention. It is about making people realise that they can suffer meaningful consequences if they break the law and if they don’t improve their standards of behaviour.

MC then provides an overview of the FSA’s progress in delivering credible deterrence. She then briefly looks at the FSA’s work on tackling insider dealing and its fight against share fraud. MC states that the FSA’s pipeline of cases include investigations into serious organised crime.

The FSA has made it a priority to tackle business professionals, repeat offenders and organised rings. The FSA also expects to pursue some cases of “opportunistic” abuse, especially where those involved are, because of their profession or role, committing a serious breach of trust.

MC also confirms that in parallel with its criminal investigations the FSA will use its civil powers where appropriate. MC states that the FSA will impose bigger financial penalties under the civil market abuse regime.

View FSA speech - Delivering credible deterrence, 27 April 2009