The Financial Services Complaints Commissioner has dismissed a complaint by a group of London traders against the Financial Services Authority (FSA) for its handling of alleged market abuse on a number of exchanges dating as far back as 2007.
The Commissioner, Sir Anthony Holland, told the group of independent traders in his final report published on 16 May that their complaint against the FSA for failing to intervene with what they perceived as widespread market abuse and manipulation, was lacking "hard evidential information". The Commissioner said in his report: "For the FSA to act, it must be able to prove that market abuse is taking place. "From the papers presented to me it does not appear that you have provided any clear evidence that abuse and/or manipulation is taking place, only that you believe and assert this ...
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