FSA set to carry out spot checks on City firms

20 June 2012 at 15:49

Patrick Spens, head of the FSA's market monitoring department, has revealed that the division will visit at least 12 of the 500 financial organisations that process the majority of the transactions made in the UK each day.

Mr Spens has already written to banks and brokers that have made below-average suspicious transaction reports (STRs), requesting a description of the last three cases they considered reporting to the FSA but failed to do so.

Letters will be sent to other firms in the industry outlining the measures which are designed to improve market monitoring.

He said: "We are putting a renewed focus on the supervision of the STR regime and we will be doing spot checks. I think we're going to visit 12 firms, a cross-section of all the firms that report to us."

More than 2,000 UK organisations report suspicious trades as part of ongoing efforts to prevent market abuse.



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