FSA calls for more whistle blowing
08 July 2011 at 14:48
The Financial Services Authority (FSA) has encouraged individuals and companies within the industry to blow the whistle on colleagues who are not complying with regulations.
According to the regulator, there is currently a reluctance to come forward and report those who are trading in a way that is not FSA-compliant.
MoneyMarketing.com reported that FSA interim managing director Margaret Cole explained that the body needs good quality intelligence to drive its activities.
"Since I have been at the FSA I have many times made a plea to the industry to provide us with good quality evidence about where bad things are happening and evidence that we can act on," she said.
"We do listen and develop our own cases but we need more help from the industry."
Ms Cole added that when she asks questions of people, the usual response is that they are unwilling to tell tales, which makes the FSA's job more difficult.
Meanwhile, the Telegraph recently reported that Prince Andrew has spoken to bank bosses about their concerns over the restructuring of the FSA and what it will mean for them.
Posted by Tony Miller