City watchdog focuses on company bosses

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The Independent Online

The Financial Services Authority has pledged to bring more actions against company bosses to deter them from flouting rules. Margaret Cole, director of enforcement at the FSA, said actions against individuals were a better deterrent than prosecuting firms.

The watchdog will widen its focus to take account of senior managers' competence as well as whether they had acted dishonestly. Mrs Cole said fining executives could be a stronger deterrent than removing them from their jobs. The FSA also wants to offer leniency to encourage minor players in wrongdoing to help convict the main culprits.