The Companies Investigation Branch of the U.K. Insolvency Service is investigating sub-prime mortgage lender SPML, a subsidiary of bankrupt and apparently fraudulent Lehmans Bros – the shower of immoral, greedy bankers who triggered the world wide economic collapse.
The Companies Investigation Branch is part of the regulatory arm of the U.K. Department for Business, Innovation & Skills (BIS). Prior to the creation of BIS, it was part of the Department of Trade & Industry (DTI).
Although the Companies Investigation Branch is located within the Insolvency Service, an Executive Agency of BIS, it is not limited to companies that have become insolvent. In fact, most investigations are into companies that are still actively trading.
One of BIS’s objectives is to “Deliver free and fair markets …ensuring markets work to the benefit of business, investors, employees and consumers, and for law enforcement to deter fraud”. This includes dealing with misconduct or unscrupulous practices, whether or not this amounts to fraud.
Well, that describes the activities of the banks and sub-prime mortgage lenders quite accurately then !