The latest edition of the FSA’s Financial Crime Newsletter is published reminding us about what could be ominous news for those that can read between the lines.
You will be aware from a previous Roundup that Philip Robinson, the FSA’s Director of Financial Crime and Intelligence Division, is retiring at the end of the year. His division will merge with Enforcement to form the Enforcement and Financial Crime Division to be led by Margaret Cole.
Margaret Cole, of course, is the current Enforcement Director who is regularly quoted on the FSA website as another firm or approved person is fined/kicked out of the industry.
It would seem reasonable to assume that she will apply the same vigour to financial crime so it would be sensible to read the publication for clues where the FSA may look regarding financial crime. Apart from insider trading (possibly regarded as financial crime) page 3 tells us “All firms and sectors should pay careful attention to the report on financial sanctions”.
An FSA report on offshore operations appeared at the same time and with regard to this page 3 also tells us ” We would encourage all firms to use our findings to assess their own systems and controls and make improvements where necessary”.
The publication also reminds us that HSBC was fined £3m for inadequate systems and controls in place to protect customers’ confidential details being lost or stolen. Confidential information was left on open shelves or in unlocked cabinets.
The article finishes with another Margaret Cole warning to firms.
