FSA Asks Parliament To Expand Anti-Fraud Powers

Law360, New York (September 24, 2012, 6:04 PM EDT) -- The U.K. Financial Services Authority has asked British lawmakers for more power to bring enforcement actions against nonsenior bankers and to extend the statute of limitations for fraud investigations, according to a letter made public Friday.

The watchdog asked for the broadened powers in a submission to the U.K. Parliament's Commission on Banking Standards, which was established in July to examine the British financial services industry amid an interest-rate-rigging scandal. The submission — dated Sept. 6 and posted to the Parliament's website on Friday — comes...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.