The Financial Services Authority is to get tough on businesses and individuals who break the spirit of the law rather than just the law itself, reports The Daily Telegraph .
According to the paper, the City regulator is to increasingly discipline the Square Mile through a series of more general principles rather than specific rules. FSA chief executive John Tiner will signal the step-change today in a hard-hitting speech at the regulator's annual enforcement conference at the QEII Conference Centre in London. He will tell the assembled group of lawyers and compliance officers that from this point on the FSA will base more of its disciplinary cases on principles rather than its rulebook. The FSA has 11 key 'principles', which range from issues such as inte...
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