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I can't testify to my statement being 100% true without a lot of tedious searching on the UK FSA/SFA/FCA/whatever they are now's website. But that's what I hav
by DrBazza 5y ago
I can't testify to my statement being 100% true without a lot of tedious searching on the UK FSA/SFA/FCA/whatever they are now's website. But that's what I have a vague recollection of.
It's similar to HMRC's "we can come after you for unpaid tax for 7 years", but you can only go after the HMRC for 5 years for overpaid tax.
The rules are ultimately for the benefit of long term investigations such as the LIBOR rigging, and Guinness trials.
https://www.theguardian.com/business/2016/jul/04/libor-rigging-scandal-three-former-barclays-traders-found-guilty https://www.theguardian.com/business/2016/jul/04/libor-riggi...
https://en.wikipedia.org/wiki/Guinness_share-trading_fraud https://en.wikipedia.org/wiki/Guinness_share-trading_fraud