The court was asked whether the Financial Services Authority had itself the power to prosecute offences under the 2002 Act. The defence said that the FSA’s powers were limited to offences under the 2000 Act. The FSA relied on its common law power to bring a prosecution.
Held: the FSA was not a statutory body, and as such its powers were not limited to those given to it by the 2000 Act. The Act merely added the powers set out to those of the FSA. Section 401 did not confer powers but limited the numbers of pesons who might exercsie them. Section 402 did not set out a complete scheme for the operation of the prosecution provisions. The FSA does have the power to prosecute offences beyond those referred to in sections 401 and 402 of FSMA 2000 and, in particular, it has the power to prosecute the appellants for offences contrary to sections 327 and 328 of POCA 2002.
Richards LJ, Irwin J, Baker QC J
[2009] EWCA Crim 1941, Times 20-Oct-2009, [2009] WLR (D) 294, [2010] Bus LR 734, [2010] 1 Cr App Rep 14, [2010] Lloyd’s Rep FC 16, [2010] 1 All ER 1183, [2010] Crim LR 772
Bailii
Proceeds of Crime Act 2002 327 328, Financial Services and Markets Act 2000 401 402, Prosecution of Offences Act 1985 6
England and Wales
Citing:
Cited – Uberoi and Another, Regina (on the Application of) v City of Westminster Magistrates’ Court and others Admn 2-Dec-2008
Section 402(1)(a) of the 1993 Act has the effect of allowing the Financial Services Authority to bring proceedings for an offence of insider dealing under Part V without first obtaining the consent of the Secrretary of Sate or the DPP.
Sir . .
Cited – Regina v Criminal Cases Review Commission, ex parte Hunt CA 24-Nov-2000
The Commissioners of the Inland Revenue did have power to conduct a prosecution at the Crown Court without first obtaining the consent of the Attorney General, even though it was a police officer had actually laid the charge. A prosecution was . .
Cited – Ewing, Regina (on the Application of) v Davis Admn 2-Jul-2007
The court considered whether the District Judge had been correct to refuse to issue summonses for private prosecutions where there was a suggestion that only a private dispute at stake.
Held: It ‘never was any requirement that a private . .
Cited – Jones v Whalley HL 26-Jul-2006
The appellant had assaulted the respondent. He had accepted a caution for the offence, but the claimant had then pursued a private prosecution. He now appealed refusal of a stay, saying it was an abuse of process.
Held: The defendant’s appeal . .
Cited – Securiplan Plc and Others, Regina (on the Application of) v Security Industry Authority and Another Admn 25-Jul-2008
Whether the Authority had standing to continue prosecutions for breaches of licensing conditions. . .
Cited – Regina (Gladstone plc) v Manchester City Magistrates Court QBD 18-Nov-2004
It was alleged that at the company’s annual genneral meeting the proposed defendant had assaulted the company’s chairman. The company prosecuted him. The magistrate dismissed the charge saying that the company had no standing to conduct such a . .
Cited by:
Cited – Scopelight Ltd and Others v Chief of Police for Northumbria CA 5-Nov-2009
The claimant sought return of items removed by the defendants under the 1984 Act. A decision had been made against a prosecution by the police. The police wished to hold onto the items to allow a decision from the second defendant.
Held: The . .
Appeal from – Rollins, Regina v SC 28-Jul-2010
The court was asked whether the Financial Services Authority had a power to prosecute money laundering offences under the 2002 Act, or whether, as contended by the defendant, its powers were limited to sections under the 2000 Act.
Held: The . .
Lists of cited by and citing cases may be incomplete.
Criminal Practice, Financial Services
Updated: 01 November 2021; Ref: scu.375943