View from City Road: Another wait for Blue Arrow men
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THERE is no need to underline the poor handling of the Blue Arrow case by the Serious Fraud Office because this week it pleaded guilty, by implication, to mismanagement. The SFO's counsel told the appeal hearing that it would not handle the year-long trial the same way again.
It is not much use asking for a government overhaul of the SFO to stop so much public money being wasted again. Other major trials are approaching and we must hope that lessons have been learnt already. The SFO, then headed by Barbara Mills, who has gone on to greater things as Director of Public Prosecutions, thought the trial would last four to six months, but it ended up taking twice as long.
For the City the looming question is how to handle the disciplinary aftermath of a criminal trial in which four defendants have been acquitted. Should their innocence automatically allow the three who have not retired to practise in the City as if nothing had happened?
There have been many cases in which City figures have been disciplined by their regulatory organisations but not prosecuted. There were examples among the walk-on players in the Guinness affair, and indeed in Blue Arrow when the Bank of England forced resignations at National Westminster Bank after the inspectors' report was published. There is no suggestion that the directors who resigned at that time had committed criminal offences. But they were regarded as falling down on professional standards and were heaved out.
The regulators have every right to look at the facts afresh and to make a decision on the basis of their own rules for market behaviour.
(Photograph omitted)
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments