The enforcement division at the UK?s financial markets regulator is changing its approach under the uncompromising stewardship of its director, Andrew Procter.
The 220-man team at the Financial Services Authority that Procter heads will no longer put up with ill-informed or uninterested management who see a regulatory investigation as a purely legal matter.
Companies that fail to cooperate fully with the FSA will face increasingly hefty fines, while those that are prepared to take seriously findings about internal controls or disclosure systems and take immediate remedial action will be handed down much more modest penalties.
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