I agree with the journalist Alistair Blair in his following article http://www.investorschronicle.co.uk/2012/11/22/comment/no-free-lunch/who... much more effort needs to go into gathering evidence of managers of rouge traders and if there is sufficient evidence they should be prosecuted. I would further add that those who are personally responsible and those who were negligent in their over sight of such people should be fined and not the institutions themselves. Why should the investors in the institutions be punished with such large fines? The regulators across the world are not punishing the correct people. As always it is the easy target which is picked upon. I wonder how much the average British saver in a pension would be if all of these fines were not levied on the institutions? In the British regulatory regime you do hear of Independent Financial Advisors receiving disciplinary action, but as in the case of Banking staff who miss-sold Payment Protection Insurance the FSA has not taken appropriate disciplinary action. I do hope the Financial Conduct Authority which will be replacing many of the functions of the Financial Services Authority will be more effective than its predecessor.
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