The agency replacing the U.K.’s Financial Services Authority will be more “dynamic and interventionist” than its predecessor when evaluating financial products geared toward consumers, said Margaret Cole, the FSA’s conduct business chief.
U.K. Financial Services Authority Business Conduct Unit’s Interim Head, Margaret Cole asked the government to increase the maximum sentence for dealing from 7 years to 10 years, the Financial Times reported, citing an interview. “A longer sentence is important because a lot of enforcement work is about sending messages that this is serious,” Cole said, according to the FT.
Margaret Cole, the U.K. Financial Services Authority’s head of enforcement, said her division should become part of the proposed Consumer Protection and Markets Agency when the current regulator is abolished.
The Financial Services Authority plans to focus its stepped up enforcement efforts on stamping out mortgage fraud and money laundering in the year ahead, the agency’s enforcement director Margaret Cole said.
Attorney Olivier Metzner says thousands of Societe Generale SA’s own computer records will clear his client, Jerome Kerviel, of responsibility for the bank’s record 4.9 billion-euro ($6 billion) trading loss, Bloomberg News’ Alan Katz and Heather Smith report.