Watchdog sharpens its teeth
13 April 2012
CITY watchdog the Financial Services Authority is toughening its investigations into suspected wrongdoing by forcing individuals and firms to hand over information and documents.
Until now, it has used a largely voluntary system. But insiders admit this was flawed because it allowed firms to indulge in legalistic wrangling, leading to long hold-ups.
The move is part of an overhaul of enforcement by the FSA's new chief executive John Tiner, following widespread criticism of the regulator's handling of the Equitable affair and other scandals.
The FSA also aims to improve the planning of investigations and to make better use of information technology.
Tiner wants to speed up the current system for deciding punishments for rule-breakers.
