Today George Osborne called for reform of the way in which financial crime is tackled in the UK and a new commitment to prosecuting City criminals, as part of a wider review in to the regulation of the City.

He said: “Financial crime cannot be allowed to go unpunished. We have to understand that sometimes what’s needed is not a slap on the wrist but a pair of handcuffs.”

“The UK authorities have been far too lax in their approach to investigating and prosecuting financial crime. That has to change.”

“We need a strong, independent regulator committed to prosecuting those who commit crimes in the City. That cannot be the FSA which has proved itself not up to the task. The system of financial regulation and criminal investigation introduced by Gordon Brown has failed and it is up to the Conservatives to introduce the long term reforms that will protect our country in the future.”

George Osborne has said we must look at removing responsibility for investigating financial crime from the FSA, to ensure that a single strong body is responsible.

Reader comments

1. Liberal Conspiracy

   New blog post: Osborne: prosecute financial crimes http://tinyurl.com/d3e9de

   [Original tweet]

Sorry, the comment form is closed at this time.