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FSA faces multimillion claim for failing to stop Terry Freeman trading

Times Online – The Financial Services Authority is facing a multimillion-pound compensation claim from a group of investors who say that the City watchdog failed to stop the activities of a suspected rogue trader.

Former clients of GFX Capital Markets, which has collapsed with estimated losses of £44 million, say that the FSA knew of serious concerns about its boss, Terry Freeman, but allowed him to continue trading.

The accusation comes as the regulator is struggling to cope with the most serious loss of public confidence in its decade-long history. It was accused of being negligent in its monitoring of Northern Rock, the mortgage lender that was nationalised last year, and the regulator’s chairman, Lord Turner of Ecchinswell, has been forced to draw up radical plans to improve its ability to police the City.

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