FSA chairman Howard Davies is keen to gain additional investigative powers to probe those companies suspected of breaking financial reporting laws, such as proactive investigations.
Sources close to the FSA are understood to have confirmed support from the Treasury for such a role, according to the FT.
Currently the FSA only has powers to react to complaints or media stories on companies. Any increase in powers could spell the end for the Financial Reporting Review Panel, which currently looks at accounts for breaches in financial rules.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements