The Financial Services Authority (FSA) is continuing to focus its attention on individuals who work in the London markets. The recent expansion of the FSA’s requirement to record telephone conversations and electronic communications made from traders’ mobile devices highlights this focus. Its aim is to heighten oversight of and help deter and detect acts of market abuse and/or insider dealing. As recent action shows, the FSA is increasing the number of criminal and regulatory insider dealing and market abuse investigations and individuals are now increasingly likely to find themselves on the receiving end of the FSA’s disciplinary powers. Individuals often fear an investigation by the FSA’s enforcement division. It can be a nerve-racking, uncertain, complex and often both a professionally and personally disruptive experience. However, by planning ahead and adopting a few practical tips, the experience need not be quite so traumatic. The key is in understanding and preparing for the process and knowing what is expected.
Tip 1 – Conduct: Be Ready & Be Helpful
Tip 2 – Understand the Investigation
Tip 3 – Interviews: Fail to Prepare, Prepare to Fail
Tip 4 – Challenging the Regulator: Reasonable and Sensible Challenges
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