Chancellor may beef up FSA watchdog

City whistleblowers could soon be offered immunity from prosecution under plans to beef up the UK's financial watchdog, Chancellor Alistair Darling has indicated.

The Government was urged to grant the Financial Services Authority (FSA) US-style powers in the wake of last week's slump in a major bank's share price amid claims of market manipulation.

A London-based hedge fund was reported to have circulated rumours about UK companies, including Britain's biggest mortgage lender HBOS, in a bid to make money when their share prices fell.

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