UK finance service job sackings and suspensions at 5-year high: law firm
ReutersLONDON--The number of financial services staff sacked or suspended in Britain last year for reasons such as wrongdoing reached the highest level in five years, law firm Pinsent Masons said on Monday.
January 15, 2013, 12:09 am TWN
Citing figures obtained through a Freedom of Information request, Pinsent Masons said 1,373 individuals were dismissed or suspended from financial services jobs — as distinct from those who lost their jobs through general redundancy programs — a 56-percent increase on the previous 12 months.
The finding comes after a succession of financial scandals and efforts by regulators to clamp down on misdemeanors.
Britain's Financial Services Authority (FSA) regulator, due to be replaced later this year, has for instance beefed up its efforts to tackle market abuse over the last few years, successfully prosecuting a number of high-profile insider dealing cases.
Last year also saw a string of bank scandals, including mis-selling of financial products and the manipulation of global benchmark interest rates, as well as the prosecution of former UBS trader Kweku Adoboli for the biggest fraud in British history, which cost the Swiss bank US$2.3 billion.