FSA wants power to ban individuals during probes

Tracey McDermott, head of enforcement at the regulator, told MPs on the committee on banking standards yesterday that most FSA enforcement cases take over a year to conclude, and in that time those individuals being investigated are free to carry on working in the financial services industry. The FSA wants the power to impose an interim prohibition order on individuals with a controlled function to ban them from practising while the regulator investigates them. McDermott also revealed the FSA is running a pilot scheme probing those individuals in firms who hold a significant influence...