FSA signals intent with prosecutions budget hike
The Financial Services Authority (FSA) has boosted funds available for future criminal prosecutions in its budget for 2009-10. The regulatory body has increased its contingency fund - which includes an allowance for external legal costs if it chooses to prosecute major criminal cases - to £13.5m to act as an allowance for future prosecutions. The allocated funds comes out of the FSA's corporate services and board budget, which has seen a 67% increase on last year, from £47.2m to £79m. In 2007, the FSA launched its first criminal prosecution for insider trading against former TTP Communications general counsel Christopher McQuoid.
February 25, 2009 at 10:58 PM
2 minute read
The Financial Services Authority (FSA) has boosted funds available for future criminal prosecutions in its budget for 2009-10.
The regulatory body has increased its contingency fund – which includes an allowance for external legal costs if it chooses to prosecute major criminal cases – to £13.5m to act as an allowance for future prosecutions. The allocated funds comes out of the FSA's corporate services and board budget, which has seen a 67% increase on last year, from £47.2m to £79m.
In 2007, the FSA launched its first criminal prosecution for insider trading against former TTP Communications general counsel Christopher McQuoid.
The FSA said: "We expect [the contingency costs] to cover legal fees, particularly strengthening our enforcement effort in such areas as our capacity to pursue criminal cases where appropriate."
For 2009-10, the FSA has hiked its professional services spend – which includes external legal and accounting costs – setting aside an additional £14.7m, amounting to a 23.5% hike in allotted funds. The body recently completed its first ever legal panel with Norton Rose and Ashurst winning places.
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