You are here: Home - Investing -

Regulator calls for tougher financial crime sentences

Written by:
Martin Wheatley has called for tougher sentencing powers for white-collar criminals to force them to cut deals and expose other colleagues, the Independent reports.

The report said Wheatley, head of the Financial Conduct Authority (FCA), made the call after MPs on the Parliamentary Inquiry into Banking Standards complained the UK had a poor record on convictions when compared to other states.

Wheatley said the US was ahead of the UK in this field as it could use phone taps and had higher sentencing powers, reported The Independent.

He told MPs: “Very often because of higher tariffs somebody would turn state’s witness. If the tariff was higher we would have more people coming forward to co- operate with us. That level of co-operation would secure more convictions.

“It [insider trading] is a difficult crime to prosecute, but we have sent 20 people to jail and we are taking on complex and difficult cases.”

Related Posts

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Apple shares fall as Q4 profits miss analysts’ expectations

Apple, the world's largest company, revealed profits in the fourth quarter missed analysts' estimates, prompting a share price drop of...