FSA admits defeat
23/06/2008
Britain's financial market regulator has conceded defeat in its effort to uncover market abuse in the trading of HBOS and other UK bank shares three months ago, a newspaper reported on Sunday.
The Sunday Telegraph said the Financial Services Authority (FSA) has wrapped up an investigation into a dramatic 17 percent fall in HBOS's share price on March 19.
The regulator has concluded that no action will be brought against any individuals despite a wide-ranging probe sifting through thousands of emails and telephone records, the newspaper said, citing a draft copy of the FSA's findings.
An FSA spokeswoman declined to comment.
The FSA in March tried to calm markets after the plunge by HBOS and other bank stocks, saying in a rare public statement that it would not tolerate people taking advantage of volatile market conditions by "spreading false rumours and dealing on the back of them".
