FSA continues 'heavy handed' enforcement policy

Reynolds Porter Chamberlain said the increase in "more conspicuous and heavy handed" enforcement exercises since the start of the credit crunch moved the watchdog closer to the activities of US Securities and Exchange Commission. According to RPC, the FSA averaged more than six dawn raids each calendar year from 2005 to 200. After the credit crunch this rose to an average of 29 raids a year from 2008 to 2011. RPC regulatory partner Steven Francis said: "Most FSA dawn raids relate to suspected insider dealing, which the FSA has been clamping down on following criticism for letting too ...