The number of enforcement investigations begun at the US's Securities and Exchange Commission rose over 12 per cent to a record 908 cases and 'will continue' to increase, according to spokesman John Nester. Arrests on the grounds of insider dealing by the UK's Financial Conduct Authority rose from four in 2012 to 15 in 2013. Insider dealing fines in France more than doubled to €19m.

Life or death cases

Howard Groedel of US law firm Ulmer & Berne said: 'Fund groups have got the message that these are life or death cases for their businesses.' He says that asset managers are hurrying to take on extra compliance staff in order to ensure that they do not fall foul of the rules. Source: Financial Times