CITY VIEWS: DO YOU THINK THE FSA’S NEW FINES WILL MAKE CITY MISCREANTS SIT UP AND TAKE NOTICE?
STEWART DOGUID AVIVA INVESTORS
“I don’t think so – individuals will still feel that their gains outstrip the punishment, just as a frequent gambler might do, while companies will just see it as an increase in red tape. It’s all talk from the FSA but unfortunately very little substance.”
OLLIE BARTON-JONES LANCASHIRE INSURANCE
“I think this sounds like a knee-jerk reaction to the criticism the FSA has faced recently. It probably will improve the regulator’s public image, but if people are out there committing market abuse, they are almost certainly aware of the penalties involved already.”
KARL TURNER RBC DEXIA
“Yes, I do. Take the Bernie Madoff case, for example: something like that should be an opportunity to encourage a new approach to the way the financial system is regulated. It will take a long time to change the City’s attitude to the FSA, but this is certainly a start.”
MICHAEL CHEESEMAN AIOI
“These measures are something the FSA has been forced into by recent events, though their hands are practically tied. Will people take notice? I’m not sure, but at least it’s a start. The FSA is essentially damned if they do and damned if they don’t.”