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‘Immunity from prosecution’ a major FSA weapon

It almost passed under the radar but, in light of the HBOS share drop of the other day, Alastair Darling – the UK Chancellor – announced on Thursday that anyone who snitches on their mates to the FSA about colleagues who try to manipulate share prices, will be immune from prosecution themselves.   This is seen as a powerful weapon for the FSA, as investment bankers have been reticent to say anything about such practices in the fear of getting caught out themselves. 

Now then, that Jeremy in the banking equities desk has been stopping me from getting a seven-figure bonus this year … maybe I’ll mention that to my new FSA mates down at Canary Wharf?

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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