When will the City’s uncertainty over market abuse end?
Since the Financial Services and Markets Act 2000 (FSMA) took effect in November last year, the City has been awash with regulatory tension between its watchdog, the Financial Services Authority (FSA), and the companies and banks that the FSMA is designed to police.

The disquiet centres on the new powers granted to the FSA by the act, powers that now allow the FSA to impose civil penalties for ‘market abuse’.