Fraud in the Financial Markets — The New Bill
| Pages | 372-375 |
| Published date | 01 February 1999 |
| DOI | https://doi.org/10.1108/eb025913 |
| Date | 01 February 1999 |
| Author | Tricia Howse |
| Subject Matter | Accounting & finance |
Journal of Financial Crime — Vol. 6 No. 4 — Securities Fraud
SECURITIES FRAUD
Fraud in the Financial Markets — The New Bill
Tricia Howse
The implications of financial sector fraud, in terms of
the dangers for our societies and for economic well-
being, must be clear to all. The implications for
policy makers must be addressed in their statutory
response to the threat. A combination of a strong reg-
ulatory regime for the industry, effective gatekeeping
at entry to the industry or markets, vigilant supervi-
sion of the authorised community and prompt and
fair action to ensure the highest level of consumer
protection is called for.
Helen Liddell, Economic Secretary to HM Treas-
ury, expressed this forcefully in November 1997:
'Economic crime damages the financial markets
and thus the health and reputation of the nation
as a whole. There is no point in a well regulated
City if it is still vulnerable to fraud and money
laundering... it undermines the trust ordinary
people place in financial services...'
In the UK banking and financial sector, the govern-
ment's response is now illustrated by its publication
of the draft Financial Services and Markets Bill.
MAIN PROVISIONS OF THE BILL
There follows a summary of the main provisions of
the Bill which highlights how the FSA intends to
respond to the impact of fraud on the UK financial
sector in the new millennium.
Page 372
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