The Financial Services Authority is to triple the level of fines given to
both individuals and companies as the regulator tries to crackdown on insider
Individuals found guilty of insider trading can expect to see fines of
£100,000 while companies could be hit by a crippling 20% of the income they make
from the relevant product or activity or as much as £50m under the tougher
‘By hitting companies and individuals in the pocket where it hurts, the fines
will be a stark warning to others on what they can expect to pay for flouting
our rules’ said Margaret Cole, director of enforcement at the FSA.
The FSA, which hopes to recruit a further 30 staff to swell its numbers to
320 in order to make the further investigations, racked up a total of £28.4m in
fines to the year 31 March 2009 a substantial rise from the £4.5m total the
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Does Darwin's theory apply to taxation? Colin ponders...
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group