Arrests made in major FSA insider dealing investigation

FSA/PN/082/2008
29 Jul 2008

The Financial Services Authority (FSA) today arrested eight individuals and executed search warrants across London and the South East in connection with a major ongoing investigation into insider dealing rings.

This morning’s operation involved 40 FSA staff, assisted by officers from City of London Police.  Today’s operation is part of the FSA’s ongoing work to combat market abuse.

No further details can be confirmed at this time.

NOTES FOR EDITORS

1. The Financial Services and Markets Act 2000, gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
2. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
3. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.