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Immunity hopes in crackdown.

CITY whistleblowers could soon be offered immunity from prosecution under plans to beef up the UK's financial watchdog, Chancellor Alistair Darling has indicated.

The Government was urged to grant the Financial Services Authority (FSA) US-style powers in the wake of last week's slump in a major bank's share price amid claims of market manipulation.

A London-based hedge fund was reported to have circulated rumours about UK companies, including Britain's biggest mortgage lender HBOS in a bid to make money when their share prices fell.

Mr Darling told the Guardian he wanted to see a crackdown.

He said: "I can't allow us to get into a situation where people quite deliberately manipulate markets for personal gain and with the potential to destabilise the financial system."
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Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Mar 28, 2008
Words:124
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