City solicitor warns that regulator may come under political pressure if it is not seen as ‘proactive’
The Financial Conduct Authority has executed just seven dawn raids in the last year, according to official figures, suggesting that the regulator’s crackdown against financial crisis-era crime is slowly winding down, lawyers have said.
City law firm RPC says the latest figures represent an 81 per cent fall from the 37 raids that took place in 2009 at the height of the financial crisis. Searches of business and individuals’ premises by the FCA under warrant are now at their lowest point since 2007.
Although raids by the FCA are in a lull, Richard Burger, an RPC partner and former enforcement lawyer w...
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