Financial Services criminal offences, investigations, prosecutions

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This Overview is a guide to the LexisNexis Financial Services subtopic Financial Services criminal offences, investigations and prosecutions, and includes links to appropriate materials. This sub-topic considers the Financial Conduct Authority (FCA)’s powers in respect of criminal offences and the FCA’s investigatory process into alleged criminal wrongdoing. It also considers the role of the Serious Fraud Office (SFO) in investigating financial crime in the financial services sector and provides detail on deferred prosecution agreements (DPAs). The news tab in this sub-topic provides a history of FCA criminal prosecutions and SFO prosecutions relevant to financial services firms.

Practical guidance on FCA enforcement involving non-criminal matters (including financial crime compliance breaches) can be found in: FCA and PRA investigations, enforcement and discipline—overview.

Overview

The FCA has powers to prosecute a number of criminal offences, including contravening the general prohibition, and offences related to market abuse and money laundering failings. The FCA is increasingly focused on its criminal powers, particularly since Steve Smart, formerly of the National Crime Agency became the FCA’s joint executive director of enforcement and market oversight. In June 2024, Smart stated:

Financial

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Latest Financial Services News

FCA, PRA and HMT respond to HoL FSRC report on financial services competitiveness and growth

The Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and HM Treasury (HMT) have published letters in response to the House of Lords Financial Services Regulation Committee’s (FSRC) June 2025 report ‘Growing Pains: clarity and culture change required’, which examined how financial regulators are embedding their secondary objective to promote international competitiveness and growth . The responses outline reforms to authorisation processes, supervisory models, rule simplification and redress systems. The FCA also addressed questions on its proposed motor finance redress scheme.

FCA response to HoL FRSC confirms scope and modelling approach for proposed motor finance redress scheme

The Financial Conduct Authority (FCA) has published a letter by its chief executive, Nikhil Rathi, in response to the House of Lords Financial Services Regulation Committee’s (FSRC) questions on the proposed motor finance redress scheme. The FCA stated that complaints dating back to 2007 may be eligible, referencing Canada Square Operations Ltd v Potter [2023] UKSC 41, which held that deliberate concealment of commission arrangements can suspend the statutory limitation period under the Consumer Credit Act 1974. It indicated that a structured redress scheme may offer a more consistent and efficient approach than resolving complaints through litigation or the Financial Ombudsman Service (FOS), and noted that while the Court of Appeal’s October 2024 ruling caused short-term disruption, the motor finance market has since stabilised. A cost-benefit analysis and further modelling is set to be published alongside the consultation in October 2025.

Financial Services weekly highlights—4 September 2025

This week's edition of Financial Services weekly highlights includes: HMTs policy paper with BoE and PRA on financial crisis management MoU; an expert News Analysis on Fraud law putting fund managers under compliance spotlight; Council of the EU’s proposal on amendments to several investment regulations to boost guarantee efficiency and simplify reporting; FATF’s toolkit and guidance to support national money laundering risk assessments; plus dates for your diary over the coming week.

Financial Services—other developments (4/9/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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