The current way of tackling financial crime is "deficient and haphazard" and a single enforcement agency is needed to up the game, according to a leading barrister. The call came as the Financial Services Authority charged an investment banker and his wife with insider dealing yesterday. In a report penned by Jonathan Fisher QC, on behalf of think-tank Policy Exchange, Fisher suggested that the UK's approach to fighting fraud, corruption and financial market crimes is marred by a system of overlapping responsibilities and unnecessary duplication. The report describes the myriad of agencies involved in policing financial crime — the Financial Services Authority, the Serious Fraud Office and the Crown Prosecution Service — as an "institutional mess".
Fisher said that although the FSA secured a 21-month prison sentence last week against former Cazenove partner Malcolm Calvert for insider trading, it has failed to hit the institutional targets involved in wrongdoing.
"Calvert is a significant
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