Reuters: Regulatory News: FSA'S Cole calls tougher penalties-FT

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FSA'S Cole calls tougher penalties-FT Mar 26th 2012, 00:57 LONDON, March 26 | Sun Mar 25, 2012 8:57pm EDT LONDON, March 26 (Reuters) - Margaret Cole, the UK Financial Services Authority's outgoing top enforcement official, said on Monday that regulators should step up penalties and tackle a wider range of fraud cases to ensure the financial services industry takes the law seriously. Cole, who will join PwC after she steps down from the watchdog this month, said fines must not be the cost of doing business, but should be strictly enforced when necessary. "We're in a moving world where we expect penalties to be higher and you've got to take it jolly seriously," she said in an interview with the Financial Times newspaper. Cole also said that enforcers must make sure misbehaviour does not slip between regulatory gaps when the FSA breaks up and the UK's other economic crime agencies are reorganised in the next couple of years. "The biggest risk is that things fall and get lost because they're too difficult, too resource-intensive, too costly," she was quoted as saying.

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