The Financial Services Authority (FSA) has a lot on its plate. Three years after it was set up by an Act of Parliament, the City watchdog has announced a major review of its enforcement processes, trig-gered by high-profile criticism of the way it does its job.
Following the landmark Legal & General judgment by the financial services and markets tribunal in January this year, the FSA announced the review at the beginning of February. The watchdog has indicated that the review will “assess the lessons from the FSA’s experience of the last three years operating under the Financial Services & Markets (FSMA) Act 2000 regime, including the comments of the tribunal in the Legal & General case”.
