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Article
Publication date: 27 February 2007

Samantha Hatt and Richard Burger

The purpose of this paper is to consider the outcome of the Financial Services Authority (FSA)'s first ever contested criminal prosecution of company directors accused of…

Abstract

Purpose

The purpose of this paper is to consider the outcome of the Financial Services Authority (FSA)'s first ever contested criminal prosecution of company directors accused of making misleading statements to the market.

Design/methodology/approach

The paper reviews the trial and the comments of the trial judge and court of appeal on sentence and confiscation.

Findings

This case shows the FSA's willingness to prosecute significant cases of market misconduct and how seriously the courts consider such behaviour.

Originality/value

This paper will be of interest to the directors and officers of listed companies, their professional advisers and regulatory lawyers.

Details

Journal of Financial Regulation and Compliance, vol. 15 no. 1
Type: Research Article
ISSN: 1358-1988

Keywords

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Article
Publication date: 1 July 2006

Richard Burger and Samantha Hatt

The FSA Financial Crime Sector Leader, Philip Robinson, outlined the FSA's new policy on fraud within the regulated sector in his October 2004 speech. The FSA subsequently…

Abstract

Purpose

The FSA Financial Crime Sector Leader, Philip Robinson, outlined the FSA's new policy on fraud within the regulated sector in his October 2004 speech. The FSA subsequently undertook a review of 16 regulated firms and how to prevent and detect fraud. This paper considers the findings of the FSA's Firm's High‐Level Management of Fraud Risk Report and the reference to financial crime in the FSA's recent Financial Risk Outlook 2006 and Business Plan 2005/2006.

Design/methodology/approach

The topic has been approached to consider the development of the FSA's policy on fraud with reference to speeches and policy documents.

Findings

That financial crime is a significant threat to the financial services sector. Firms have taken proactive steps to tackie fraud, but more can be done. The 2006 may see greater focus by the FSA on firms' anti‐fraud measures.

Originality/value

In examining the FSA's policy on anti‐fraud management this papers seek identify what the FSA requires from firms in terms of anti‐fraud measures. This paper should be of interest to compliance officers, MLRO Officers, fraud investigators and regulatory lawyers.

Details

Journal of Financial Regulation and Compliance, vol. 14 no. 3
Type: Research Article
ISSN: 1358-1988

Keywords

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