UK declares war on insider trading

Tabernula is proving to be quiet an effective measure against financial wrongdoing. Don’t bother looking up the word, you won’t find it in the dictionary. It’s a codename for an investigation into wealth management firms’ involvement in insider trading in the UK.

The Financial Services Authority (FSA) is going after several blue-chip firms suspected of market manipulation. According to a report on FT.com, the FSA has made nine arrests so far and is currently probing deals worth £22 million ($34.4 million).

The clampdown is a sign that regulators in the UK, considered far less aggressive than their American counterparts, are upping their game, realizing that a fine and a ban was not enough of a deterrent.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.