FSA Chief Sants Says Market Body Should Handle Insider Trading, FT Reports

Financial Services Authority Chief Executive Officer Hector Sants said the new Consumer Protection and Markets Authority should be in charge of prosecuting U.K. criminal insider dealing cases, the Financial Times reported.

U.K. Chancellor George Osborne plans to give the responsibility of insider trading cases to the new Economic Crime Agency, the newspaper said, citing unidentified government officials.

Sants, who has agreed to remain in his post to handle the handover of the FSA’s duties to the Bank of England and the new consumer authority, told its annual meeting that the FSA has built a "specialist resource" for insider trading cases, the FT said.

To contact the reporter on this story: Lars Paulsson in London at lpaulsson@bloomberg.net

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