New FSA rules prompt mixed response
REGULATORY UPDATE
The UK financial services industry has long been arguing that the regulator's enforcement procedures were unfair because they did not parallel the procedures in criminal and civil law in the country. Also, firms were becoming increasingly concerned about the rise in both the number and amount of penalties that the regulator was issuing, and charged that FSA enforcement officials were attempting to mimic the enforcement style adopted by such US figures as New York attorney-general Eliot Spitzer
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