Investing
City sackings hit five-year high after FSA crackdown
Sackings and suspensions in the Square mile have hit a five-year high of 1,373 affected workers, according to figures obtained from the Financial Services Authority.
The Independent reports the figure is a 56% jump on the previous year, and is down to the FSA’s increased campaign against white collar crime.
Lawyers from Pinsent Mason obtained the statistics through a freedom of information request.
“The FSA has increasingly shown that it is cracking down on financial crime and market abuse. Financial services firms are operating under increased scrutiny and as a result more employers are imposing industry rules more strictly.
“FSA enforcement activity has clearly had an impact on firms’ willingness to tolerate wrongdoing. Firms now appear much more likely to discipline employees for offences.”
She said the UBS trader Kweku Adoboli’s case had focused the mind of the industry.
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