TOWARDS A POLICY ON FINES AND DISCIPLINE: THE DISCIPLINING RECORD OF IMRO AND THE SFA

Abstract

In many ways 1991 was a record year for the self‐regulatory regime set up under the Financial Services Act 1986 (FSA). Not only did the Investment Compensation Scheme pay out a record sum to investors, but the various self‐regulating organisations (SROs) levied fines and awarded costs at unprecedented levels. This paper looks at the disciplining record of two of the four SROs: the Investment Management Regulatory Organisation (IMRO) and the Securities and Futures Authority (SFA). The Life Assurance and Unit Trust Regulatory Organisation (LAUTRO) took on board the ability to levy fines in December 1991 and in many ways is not a good comparison. The disciplinary record of the Financial Intermediaries, Managers and Brokers Regulatory Association (FIMBRA) revolves around the suspension and release from suspension of member firms, and, again provides little scope for constructive comment.

Citation

ADAMS, G. (1992), "TOWARDS A POLICY ON FINES AND DISCIPLINE: THE DISCIPLINING RECORD OF IMRO AND THE SFA", Journal of Financial Regulation and Compliance, Vol. 1 No. 2, pp. 200-204. https://doi.org/10.1108/eb024768