FSA signals intent with prosecutions budget hike
The Financial Services Authority (FSA) has boosted funds available for future criminal prosecutions in its budget for 2009-10. The regulatory body has increased its contingency fund - which includes an allowance for external legal costs if it chooses to prosecute major criminal cases - to £13.5m to act as an allowance for future prosecutions. The allocated funds comes out of the FSA's corporate services and board budget, which has seen a 67% increase on last year, from £47.2m to £79m. In 2007, the FSA launched its first criminal prosecution for insider trading against former TTP Communications general counsel Christopher McQuoid.
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