UK: FSA consults on proposed Handbook changes

The Financial Services Authority has published a consulted paper titled Decision Procedure and Penalties manual and Enforcement Guide review 2010: see here (pdf). Amongst the changes proposed is a new rule in the FSA Handbook prohibiting authorised firms (but not sole traders) from paying any financial penalties imposed on present or former employees, directors or partners of the firm or affiliated companies. A summary of the changes is available in the accompanying newsletter: see here (pdf).