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FSA totted up over 20 raids in 2011

The Financial Services Authority conducted more than 20 police dawn raids last year, according to law firm Reynolds Porter Chamberlain.

The firm says the high number of dawn raids is evidence of the FSA’s increased focus on more conspicuous and heavy-handed enforcement exercises since the start of the credit crunch.

RPC says the regulator averaged some six dawn raids each calendar year from 2005 to 2007.

This increased after the credit crunch hit to an average of 29 dawn raids a year from 2008 to 2011.

Steven Francis, regulatory partner at RPC, says: “This shift in enforcement activity moves the FSA closer to the Securities and Exchange Commission in the US, where enforcement of white collar criminal activity involves a heavy and visible police presence.

“Most dawn raids relate to suspected insider dealing, which the FSA has been clamping down on following criticism for letting too much criminal activity continue unchecked.”


Angela Knight decides to call it a day at BBA

After five years at the British Bankers’ Association, chief executive Angela Knight has announced her intention to step down. She will leave in the summer, by which time it is hoped her successor will have been found. Knight says: “I have been at the BBA at a time of extraordinary difficulty and during a crisis […]

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David Cameron appoints former adviser to Tony Blair as new pensions minister

Following a cabinet reshuffle in light of last week’s general election, David Cameron has announced that Ros Altmann will be replacing Steve Webb as pensions minister. As the industry works with one of the largest reforms to the sector in almost a century, the former adviser to Tony Blair has been tasked with ensuring that the pensions revolution does not stray off track.


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