A group of 200 out-of-pocket investors is mounting a legal case against the government for allegedly failing to stop serious errors at the FSA, and in so doing improperly implementing MiFID.
Members of the Cameron Farley Action Group claim they lost millions as a result of the FSA's mis-handling of forex trading firm Cameron Farley's failure four years ago. But as the FSA is immune from prosecution, the group plan to take the government to task for alleged negligence in its duty to implement the Markets in Financial Instruments Directive (MiFID) - by allowing the regulator to preside over the loss of investors' money. The group claims the FSA failed to ensure their money was secure and ring-fenced when it issued a 'freezing and arrestment' order on Cameron Farley in Septe...
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