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Jonathan Fisher QC writes chapter in recent publication, ‘Fighting Financial Crime in the Global Economic Crisis’

Routledge, the world's leading academic publisher in the Humanities and Social Sciences, have just published a book entitled, ‘Fighting Financial Crime in the Global Economic Crisis’.

Jonathan Fisher QC contributed chapter 2 and he addresses the topic of ‘Risk, Recklessness and Policing the Financial Markets.’

The book illustrates the global nature of financial crime, and highlights the complex relationships between regulatory bodies, law enforcement agencies and private actors in the attempt to limit the harmful effect of white collar crime on the stability of the financial sector.

Jonathan explains the rationale which underlies his contribution to the book:

‘The purpose of this chapter is to demonstrate that the conventional perception concerning the impotence of the criminal law is misconceived. Much of the conduct in the securitization cases, and other cases of brazen wrongdoing committed in connection with the financial markets, was characterised by blatant instances of recklessness which the criminal law could properly have captured. Not only are the boundaries of the criminal law sufficiently wide to punish instances of reckless behaviour by financial markets participants where they cause loss to others, criminal justice theory demands that it does so’.

Jonathan, who is ranked as one of the UK’s leading barristers in the areas of financial crime, fraud, and banking and financial services, went on to say,

‘The case for criminal responsibility for reckless risk-taking on the financial markets is a strong one, as the United Kingdom Parliament has recently recognised with the creation of a new criminal offence of taking a risk which causes a bank to fail contrary to section 29 of the Financial Services (Banking Reform) Act 2013. The enactment of a provision limited to the failure of a bank begs a broader question as to whether reckless risk-taking on the financial markets should also be criminalised where consumer interests are adversely affected’.

To read more about, ‘Fighting Financial Crime in the Global Economic Crisis’ or to purchase a copy, please visit Routledge or Amazon. The text of the book is also available on Google here.

To read a PDF version of Chapter 2, ‘Risk, Recklessness and Policing the Financial Markets' click here.

Jonathan can be contacted to discuss any of the issues raised in the article at fisher@devchambers.co.uk

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The views expressed in this article represent those of the author and not Bright Line Law.

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