Recent developments in the prosecution of insider dealing and the future of the proposed Financial Conduct Authority.
For five years or more, the Financial Services Authority has spoken about its crackdown on insider dealing. In the last two years, the public has begun to see results. The forst insider dealing case to be prosecuted by the FSA resulted in conviction of two individuals in March 2009. Since then, a total of ten people have been convicted of similar offences. At least twelve further cases are pending or underway. Such a high rate of prosecution for this offence is unprecedented in the 30 year period during which insider dealing has been a crime in the UK and represents a striking record for a prosecution authority which is barely ten years old. Despite this, the FSA’s future as a public prosecutor is uncertain. the government intends vesting its enforcement powers in another new body, the Financial Conduct Authority (FCA) in 2012.