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LATEST NEWS & EVENTS Osborne about turn on City insider trading  Banking and financial solicitor services have learned that the soon-to-be defunct Financial Services Authority (FSA) will retain its powers to prosecute insider trading. The new Consumer Protection and Markets Authority (CPMA) has been allocated the powers by chancellor, in a reversal of his initial intention to grant this remit to the new economic crime agency (ECA). In a statement, the Treasury said it had come to the decision "after much consideration". To be funded by the financial services industry, the CPMA will retain much of the same powers as the FSA, while the ECA will be government funded. "The government recognises the importance to the City of London of a strong markets division being established within the CPMA and giving it these powers will make it a stronger and more credible regulator," the Treasury said. This week, the FSA published its proposals on changes to mortgage sales to make the market more sustainable, including a measure to replace the obligation to issue an Initial Disclosure Document to the customer. Posted by Gaby Hamerton 
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