FSA seeks power to suspend rogue traders

New Financial Services Authority (FSA) proposals could see banks’ trading desks banned for up to a year.

In a bid to crack down on the improprieties which prompted last year’s financial collapse, the FSA has put together tough new guidelines for the sector.

The proposals would also allow the watchdog to suspend an individual from trading for up to two years, writes City AM.

The FSA, which had a record year in 2009, handing out £33m in fines, is under threat, should the Conservatives win the general election.

While both Labour and the Liberal Democrats are committed to maintaining the watchdog, the Conservatives have said its work could be better done by the Bank of England.

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