Regulator would like the power to tap telephones, says Wheatley

FCA chief executive Martin Wheatley has suggested the regulator should be given powers to use surveillance and wire tapping in its investigations.

In a Treasury select committee hearing last week, Wheatley was asked by Labour MP John Mann if there were any powers the regulator wanted that Parliament has not yet given it.

Wheatley said: “There are certain areas which are not part of the UK regime that are part of the US regime, such as the use of wire tapping and covert intelligence to obtain evidence.

“Now that is a big question but is something we don’t have as part of the UK structure.” 

Wheatley added: “If we had that, we would probably have a slightly different approach to insider training, as the [Securities and Exchange Commission] does in the US.”