By Max Clarke
5 jail sentences and more than £8.3 million issued in fines are some of the deterrents issues by financial regulators, the Financial Services Authority (FSA), outlined in their 2010/11 highlights.
“The past year has seen further progress on the major changes in regulatory and supervisory approach already underway at the FSA, alongside our preparations for the structural changes announced by the government last June,” commented FSA Chairman, Adir Turner. “We will remain focused on our statutory objectives until the formal move to the new structure and have continued to make strong progress in delivering our priorities. This wouldn’t have been possible without the commitment and professionalism of our staff.”
The authority, whose role is to supervise and regulate financial firms, has grown significantly in recent years, and in particular since the failings of the financial sector exposed the need for regulation. With an operating budget of some £430 million, the Authority employs some 3,000 staff from its headquarters overlooking the towering banks of London’s docklands.
Hector Sants, Chief Executive of the FSA concluded: “Overall we have made good progress against our objectives, within budget, and this is demonstrated by our achievements against the milestones we set out in our Business Plan. I want to express my personal thanks to all our staff for their hard work in achieving this outcome.”
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