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Law firms tender for role on new FSA investigatory panel

17th September 2012

Professionals with some of the top accountancy and legal jobs throughout the UK will be given the chance to tender for a spot on a new investigatory panel which has been set up for the first time by the Financial Services Authority (FSA).

The successful applicants will be instructed to give advice on the difficult issue of bank regulation, and will help to decide in what situation an institution which comes into difficulty should have fines or other sanctions imposed upon it.

Discussing the proposed move, a spokesperson for the FSA said that it would not just be the Magic Circle’s ‘Big Four’ that would be able to apply for roles on the panel, as the scale of investigations launched so far have been so large that, had private practices been involved, the fees paid out would range from roughly £2,000 to £4.4 million.  

It is believed that a final announcement will be made on which firms have been successful by spring 2013.