The UK’s Financial Services Authority is welcoming proposals announced by the British government that would give it new statutory powers, including the power to grant immunity, when investigating criminal cases such as insider trading.

The proposed change is part of a bill published Tuesday that aims to reform the justice and coroner systems to deliver a more effective, transparent and responsive service.

“We remain committed to using every possible route to tackle market abuse. Getting the power to offer immunity and other protections to witnesses will be beneficial to our enforcement process and further strengthen our ability to achieve credible deterrence in the financial services industry,” said Margaret Cole, director of enforcement at the FSA.

IE